Allspring Global Investments Holdings LLC Purchases 21,649 Shares of Penumbra, Inc. (NYSE:PEN)

Allspring Global Investments Holdings LLC increased its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,046 shares of the company's stock after buying an additional 21,649 shares during the period. Allspring Global Investments Holdings LLC owned 0.83% of Penumbra worth $87,045,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. RTW Investments LP lifted its stake in shares of Penumbra by 8.4% in the 4th quarter. RTW Investments LP now owns 862,450 shares of the company's stock valued at $204,815,000 after purchasing an additional 66,700 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in Penumbra by 47.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company's stock valued at $167,913,000 after purchasing an additional 227,506 shares during the last quarter. Bank of America Corp DE lifted its stake in Penumbra by 19.9% in the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company's stock valued at $82,293,000 after buying an additional 57,421 shares during the period. Dimensional Fund Advisors LP lifted its stake in Penumbra by 23.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 323,964 shares of the company's stock valued at $76,937,000 after buying an additional 60,764 shares during the period. Finally, Northern Trust Corp boosted its holdings in Penumbra by 20.8% during the fourth quarter. Northern Trust Corp now owns 318,230 shares of the company's stock worth $75,573,000 after buying an additional 54,890 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Truist Financial increased their price target on shares of Penumbra from $315.00 to $330.00 and gave the company a "buy" rating in a research report on Thursday, April 24th. UBS Group restated a "buy" rating and issued a $330.00 price objective (up previously from $320.00) on shares of Penumbra in a research report on Thursday, April 24th. Robert W. Baird increased their price target on Penumbra from $316.00 to $325.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Royal Bank Of Canada raised their price objective on shares of Penumbra from $315.00 to $330.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded Penumbra from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $302.40.

Penumbra Stock Down 0.5%

Shares of NYSE:PEN traded down $1.15 during midday trading on Wednesday, hitting $249.53. The stock had a trading volume of 344,269 shares, compared to its average volume of 451,588. The company has a market cap of $9.66 billion, a P/E ratio of 235.41, a PEG ratio of 2.29 and a beta of 0.47. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $310.00. The business's 50-day simple moving average is $271.67 and its 200-day simple moving average is $268.14. The company has a quick ratio of 3.68, a current ratio of 6.30 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.17. The company had revenue of $324.14 million during the quarter, compared to the consensus estimate of $315.72 million. Penumbra had a net margin of 3.41% and a return on equity of 11.14%. The company's quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, sell-side analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Adam Elsesser sold 16,650 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $289.37, for a total value of $4,818,010.50. Following the completion of the sale, the chief executive officer directly owned 75,237 shares of the company's stock, valued at $21,771,330.69. This trade represents a 18.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Arani Bose sold 12,000 shares of the business's stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $298.73, for a total value of $3,584,760.00. Following the transaction, the director directly owned 302,819 shares in the company, valued at $90,461,119.87. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 114,210 shares of company stock worth $31,582,595. Company insiders own 5.00% of the company's stock.

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.