Allspring Global Investments Holdings LLC Has $87.05 Million Position in Penumbra, Inc. (NYSE:PEN)

Allspring Global Investments Holdings LLC raised its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 7.2% during the first quarter, according to its most recent 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 about 0.83% of Penumbra worth $87,045,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in shares of Penumbra by 0.6% in the 4th quarter. Bank of New York Mellon Corp now owns 294,620 shares of the company's stock worth $69,966,000 after acquiring an additional 1,823 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Penumbra during the fourth quarter worth $3,553,000. QRG Capital Management Inc. raised its stake in Penumbra by 4.8% during the fourth quarter. QRG Capital Management Inc. now owns 1,584 shares of the company's stock valued at $376,000 after purchasing an additional 72 shares in the last quarter. Norden Group LLC lifted its holdings in shares of Penumbra by 2.6% in the 4th quarter. Norden Group LLC now owns 5,338 shares of the company's stock worth $1,268,000 after acquiring an additional 135 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Penumbra by 25.0% in the 4th quarter. Jones Financial Companies Lllp now owns 375 shares of the company's stock worth $89,000 after acquiring an additional 75 shares during the last quarter. Institutional investors own 88.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PEN shares. Bank of America started coverage on shares of Penumbra in a research note on Friday, March 14th. They issued a "buy" rating and a $320.00 price target on the stock. UBS Group reissued a "buy" rating and set a $330.00 target price (up previously from $320.00) on shares of Penumbra in a research report on Thursday, April 24th. BTIG Research reissued a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Robert W. Baird raised their target price on shares of Penumbra from $316.00 to $325.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of Penumbra from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Penumbra has a consensus rating of "Moderate Buy" and an average target price of $302.40.

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 16,565 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $272.24, for a total value of $4,509,655.60. Following the sale, the chief executive officer now owns 52,495 shares of the company's stock, valued at $14,291,238.80. The trade was a 23.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Wilder sold 360 shares of Penumbra stock in a transaction on Monday, March 31st. The shares were sold at an average price of $264.58, for a total value of $95,248.80. Following the completion of the transaction, the director now owns 4,533 shares of the company's stock, valued at approximately $1,199,341.14. The trade was a 7.36% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,095 shares of company stock valued at $36,445,060. Corporate insiders own 4.20% of the company's stock.

Penumbra Price Performance

Penumbra stock traded up $2.53 during midday trading on Friday, reaching $256.11. The company's stock had a trading volume of 512,698 shares, compared to its average volume of 451,891. The firm has a market capitalization of $9.92 billion, a PE ratio of 241.62, a P/E/G ratio of 2.28 and a beta of 0.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.68 and a current ratio of 6.30. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $310.00. The stock's 50 day simple moving average is $272.45 and its 200 day simple moving average is $268.08.

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

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.