Lord Abbett & CO. LLC Purchases New Holdings in Penumbra, Inc. (NYSE:PEN)

Key Points

• Lord Abbett & CO. LLC acquired 238,326 shares of Penumbra, Inc., representing a stake valued at approximately $63.73 million, increasing their ownership to about 0.62%.
• Multiple hedge funds have significantly increased their holdings in Penumbra during the first quarter, with institutional investors now owning 88.88% of the company's stock.
• Penumbra's stock has seen analyst interest, with multiple target prices set between $266 and $335, and an average rating of "Moderate Buy" according to recent reports.

Lord Abbett & CO. LLC acquired a new position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 238,326 shares of the company's stock, valued at approximately $63,731,000. Lord Abbett & CO. LLC owned approximately 0.62% of Penumbra at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Concurrent Investment Advisors LLC bought a new position in Penumbra in the first quarter valued at approximately $259,000. GAMMA Investing LLC boosted its position in shares of Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company's stock worth $190,000 after purchasing an additional 263 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Penumbra by 606.3% during the first quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock worth $121,000 after purchasing an additional 382 shares in the last quarter. Gotham Asset Management LLC bought a new position in shares of Penumbra during the fourth quarter worth $275,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of Penumbra during the first quarter worth $2,614,000. Institutional investors and hedge funds own 88.88% of the company's stock.

Penumbra Stock Down 0.1%

Penumbra stock traded down $0.22 during trading hours on Friday, reaching $252.99. The stock had a trading volume of 304,724 shares, compared to its average volume of 513,287. Penumbra, Inc. has a 52 week low of $184.80 and a 52 week high of $310.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04. The company has a market cap of $9.87 billion, a price-to-earnings ratio of 67.28, a PEG ratio of 2.28 and a beta of 0.40. The business's 50 day moving average price is $246.04 and its 200-day moving average price is $265.59.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. The company had revenue of $339.46 million for the quarter, compared to analyst estimates of $327.37 million. Penumbra had a return on equity of 11.55% and a net margin of 11.54%. The firm's revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. Sell-side analysts anticipate that Penumbra, Inc. will post 3.67 EPS for the current year.

Analyst Ratings Changes

PEN has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price target on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. UBS Group set a $335.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. BTIG Research restated a "buy" rating on shares of Penumbra in a research note on Thursday, April 24th. Truist Financial set a $310.00 price target on shares of Penumbra and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Canaccord Genuity Group set a $350.00 price objective on shares of Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $300.47.

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 16,300 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $267.91, for a total value of $4,366,933.00. Following the completion of the sale, the chief executive officer owned 98,289 shares in the company, valued at approximately $26,332,605.99. The trade was a 14.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arani Bose sold 12,000 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total value of $3,007,800.00. Following the transaction, the director directly owned 558 shares in the company, valued at $139,862.70. This represents a 95.56% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,487 shares of company stock valued at $27,969,587. Corporate insiders own 4.20% of the company's stock.

About Penumbra

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.