2,730 Shares in Penumbra, Inc. (NYSE:PEN) Acquired by Vestcor Inc

Key Points

• Vestcor Inc has purchased 2,730 shares of Penumbra, Inc. (NYSE:PEN) valued at approximately $730,000, indicating increased institutional interest in the company.
• Penumbra's stock price decreased by 3.9% recently, with shares trading at around $242.50, though the company reported improved earnings with a net margin of 11.54% and a 13.4% revenue increase year-over-year.
• Insider transactions show significant selling activity, with executives like CEO Adam Elsesser and EVP Johanna Roberts selling large quantities of stock, collectively valued over $5 million, which raises potential concerns for investors.

Vestcor Inc bought a new position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,730 shares of the company's stock, valued at approximately $730,000.

Other institutional investors also recently modified their holdings of the company. Quadrant Capital Group LLC lifted its stake in shares of Penumbra by 6.6% in the 4th quarter. Quadrant Capital Group LLC now owns 632 shares of the company's stock valued at $150,000 after purchasing an additional 39 shares during the period. Baker Avenue Asset Management LP grew its position in shares of Penumbra by 1.6% during the 4th quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company's stock worth $791,000 after buying an additional 53 shares during the period. Fifth Third Bancorp increased its stake in shares of Penumbra by 16.4% in the 1st quarter. Fifth Third Bancorp now owns 404 shares of the company's stock valued at $108,000 after acquiring an additional 57 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Penumbra by 404.8% during the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after acquiring an additional 85 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in shares of Penumbra by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 16,213 shares of the company's stock valued at $3,850,000 after purchasing an additional 100 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PEN. UBS Group set a $335.00 target price on Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Truist Financial set a $310.00 target price on Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Canaccord Genuity Group set a $350.00 price target on shares of Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Citigroup lowered their price objective on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Finally, William Blair upgraded shares of Penumbra to a "strong-buy" rating in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $300.47.

Penumbra Stock Down 0.0%

Shares of Penumbra stock traded down $0.05 during trading on Wednesday, hitting $240.05. The company's stock had a trading volume of 340,012 shares, compared to its average volume of 505,073. Penumbra, Inc. has a 52 week low of $163.63 and a 52 week high of $310.00. The company has a market capitalization of $9.36 billion, a PE ratio of 63.84, a P/E/G ratio of 2.16 and a beta of 0.40. The company has a fifty day simple moving average of $248.21 and a two-hundred day simple moving average of $266.94. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.05. Penumbra had a return on equity of 11.55% and a net margin of 11.54%. The company had revenue of $339.46 million for the quarter, compared to the consensus estimate of $327.37 million. During the same quarter in the prior year, the business posted $0.64 EPS. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. Equities research analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insider Activity at Penumbra

In other Penumbra news, Director Bridget O'rourke sold 100 shares of Penumbra stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $286.15, for a total value of $28,615.00. Following the completion of the sale, the director owned 5,423 shares of the company's stock, valued at approximately $1,551,791.45. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Elsesser sold 16,150 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $233.16, for a total transaction of $3,765,534.00. Following the completion of the sale, the chief executive officer owned 146,258 shares in the company, valued at $34,101,515.28. This represents a 9.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,085 shares of company stock valued at $25,658,499. 5.00% of the stock is owned by insiders.

Penumbra Profile

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.