Algert Global LLC Acquires 4,490 Shares of Penumbra, Inc. $PEN

Key Points

• Algert Global LLC increased its stake in Penumbra, Inc. by 23.7% during Q1, acquiring an additional 4,490 shares, bringing its total holdings to 23,464 shares valued at approximately $6.27 million.
• Company insides showed significant selling activity, with CEO Adam Elsesser and Director Arani Bose collectively selling over 112,000 shares worth nearly $28 million in recent months.
• Penumbra's stock has received a consensus rating of "Moderate Buy" from analysts, with a current average price target of $300.47, following an EPS report that beat expectations.

Algert Global LLC lifted its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 23.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,464 shares of the company's stock after purchasing an additional 4,490 shares during the period. Algert Global LLC owned about 0.06% of Penumbra worth $6,275,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PEN. Concurrent Investment Advisors LLC purchased a new stake in Penumbra in the 1st quarter worth about $259,000. GAMMA Investing LLC increased its holdings in Penumbra by 59.0% in the 1st quarter. GAMMA Investing LLC now owns 709 shares of the company's stock worth $190,000 after acquiring an additional 263 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Penumbra by 606.3% in the 1st quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock worth $121,000 after acquiring an additional 382 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in Penumbra in the 4th quarter worth about $275,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in Penumbra in the 1st quarter worth about $2,614,000. 88.88% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Adam Elsesser sold 16,300 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $267.91, for a total transaction of $4,366,933.00. Following the completion of the transaction, the chief executive officer owned 98,289 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arani Bose sold 12,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $139,862.70. The trade was a 95.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,487 shares of company stock worth $27,969,587 over the last three months. Company insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

PEN has been the subject of several recent research reports. Truist Financial set a $310.00 price objective on Penumbra and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company decreased their price target on Penumbra from $315.00 to $290.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. BTIG Research reiterated a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Robert W. Baird boosted their price objective on shares of Penumbra from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, William Blair raised 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 given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $300.47.

Penumbra Stock Down 0.1%

Shares of NYSE PEN opened at $252.99 on Monday. Penumbra, Inc. has a 12 month low of $184.80 and a 12 month high of $310.00. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. The firm has a market capitalization 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 has a 50-day moving average of $246.04 and a 200-day moving average of $265.56.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 EPS 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 during the quarter, compared to analyst estimates of $327.37 million. During the same quarter in the previous year, the firm earned $0.64 earnings per share. Penumbra's revenue was up 13.4% on a year-over-year basis. Sell-side analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

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.

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