Baird Financial Group Inc. Trims Stock Position in Penumbra, Inc. $PEN

Key Points

• Baird Financial Group Inc. has reduced its stake in Penumbra, Inc. by 14.5%, holding 239,492 shares worth approximately $64 million after selling 40,706 shares in the first quarter.
• Penumbra's shares opened at $272.96 with a market cap of $10.65 billion and reported a year-over-year revenue increase of 13.4% to $339.46 million during its last quarterly earnings.
• There has been significant insider selling, with Director Arani Bose selling 12,000 shares for over $3 million and CEO Adam Elsesser selling 16,150 shares valued at around $3.77 million.

Baird Financial Group Inc. reduced its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 14.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,492 shares of the company's stock after selling 40,706 shares during the period. Baird Financial Group Inc. owned 0.62% of Penumbra worth $64,043,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Baker Avenue Asset Management LP grew its stake in Penumbra by 1.6% during the 4th quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company's stock valued at $791,000 after purchasing an additional 53 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Penumbra by 16.4% during the first quarter. Fifth Third Bancorp now owns 404 shares of the company's stock worth $108,000 after purchasing an additional 57 shares during the period. First Horizon Advisors Inc. boosted its position in Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after buying an additional 85 shares during the last quarter. Synergy Investment Management LLC purchased a new stake in Penumbra in the first quarter valued at approximately $27,000. Finally, State of Michigan Retirement System increased its stake in shares of Penumbra by 1.1% in the first quarter. State of Michigan Retirement System now owns 9,214 shares of the company's stock worth $2,464,000 after acquiring an additional 100 shares during the period. Institutional investors own 88.88% of the company's stock.

Penumbra Price Performance

Shares of Penumbra stock traded up $7.83 during trading hours on Thursday, reaching $277.54. 366,463 shares of the company's stock were exchanged, compared to its average volume of 493,179. The business has a fifty day moving average of $248.30 and a two-hundred day moving average of $265.47. The company has a market capitalization of $10.82 billion, a P/E ratio of 73.77, a price-to-earnings-growth ratio of 2.45 and a beta of 0.45. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 1 year low of $184.80 and a 1 year high of $310.00.

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 net margin of 11.54% and a return on equity of 11.55%. The firm had revenue of $339.46 million for the quarter, compared to the consensus estimate of $327.37 million. During the same period last year, the firm posted $0.64 earnings per share. The company's revenue for the quarter was up 13.4% on a year-over-year basis. Penumbra has set its FY 2025 guidance at EPS. As a group, research analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $252.70, for a total value of $151,620.00. Following the completion of the sale, the executive vice president owned 66,057 shares of the company's stock, valued at approximately $16,692,603.90. This trade represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Maggie Yuen sold 2,000 shares of Penumbra stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $250.00, for a total value of $500,000.00. Following the transaction, the chief financial officer owned 12,943 shares in the company, valued at approximately $3,235,750. The trade was a 13.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,487 shares of company stock valued at $27,494,779. 5.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PEN. Morgan Stanley boosted their target price on shares of Penumbra from $260.00 to $266.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Robert W. Baird upped their price objective on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Evercore ISI began coverage on shares of Penumbra in a research note on Tuesday. They set an "outperform" rating and a $300.00 target price on the stock. Wells Fargo & Company cut their price target on Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada reduced their price target on Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $302.93.

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.