Baillie Gifford & Co. Sells 41,238 Shares of Penumbra, Inc. (NYSE:PEN)

Key Points

• Baillie Gifford & Co. sold 41,238 shares of Penumbra, Inc., reducing its stake by 5.6%, and now holds approximately 688,995 shares valued at $184.2 million.
• Multiple analysts have adjusted their price targets for Penumbra, with **Wells Fargo** and **Truist Financial** raising targets to $315 and $330 respectively, while **Citigroup** has lowered its target to $285.
• Insider trading activity included significant sales by executives, with CEO Adam Elsesser selling 16,650 shares for about $4.8 million, indicating potential shifts in investor confidence.

Baillie Gifford & Co. lowered its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 688,995 shares of the company's stock after selling 41,238 shares during the period. Baillie Gifford & Co. owned 1.78% of Penumbra worth $184,244,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cetera Investment Advisers raised its position in Penumbra by 56.9% during the first quarter. Cetera Investment Advisers now owns 2,757 shares of the company's stock valued at $737,000 after acquiring an additional 1,000 shares in the last quarter. Pier 88 Investment Partners LLC bought a new position in Penumbra during the first quarter valued at approximately $4,145,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Penumbra during the first quarter valued at approximately $2,148,000. Los Angeles Capital Management LLC raised its position in Penumbra by 487.1% during the first quarter. Los Angeles Capital Management LLC now owns 179,550 shares of the company's stock valued at $48,013,000 after acquiring an additional 148,968 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new position in Penumbra during the first quarter valued at approximately $858,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of Penumbra from $315.00 to $330.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Truist Financial increased their price target on Penumbra from $315.00 to $330.00 and gave the company a "buy" rating in a report on Thursday, April 24th. William Blair upgraded Penumbra to a "strong-buy" rating in a report on Friday, July 18th. UBS Group reiterated a "buy" rating and set a $330.00 price target (up previously from $320.00) on shares of Penumbra in a report on Thursday, April 24th. Finally, Robert W. Baird increased their price target on Penumbra from $316.00 to $325.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Penumbra currently has a consensus rating of "Buy" and an average target price of $305.07.

Insider Buying and Selling

In related news, CEO Adam Elsesser sold 16,650 shares of the firm's stock in a transaction 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Johanna Roberts sold 900 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $298.55, for a total value of $268,695.00. Following the completion of the transaction, the executive vice president directly owned 65,314 shares of the company's stock, valued at approximately $19,499,494.70. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 117,735 shares of company stock valued at $31,074,530 over the last ninety days. 5.00% of the stock is owned by company insiders.

Penumbra Stock Performance

PEN stock traded down $2.44 during midday trading on Tuesday, hitting $227.74. The stock had a trading volume of 153,863 shares, compared to its average volume of 492,214. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 214.84, a P/E/G ratio of 2.08 and a beta of 0.47. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $310.00. The stock has a 50-day simple moving average of $251.63 and a 200 day simple moving average of $267.63. The company has a current ratio of 6.30, a quick ratio of 3.68 and a debt-to-equity ratio of 0.02.

Penumbra Company 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.