Bayforest Capital Ltd Sells 1,031 Shares of Penumbra, Inc. $PEN

Key Points

• Bayforest Capital Ltd significantly reduced its stake in Penumbra, Inc. by 72%, selling 1,031 shares and now holding only 400 shares worth approximately $103,000.
• Various institutional investors have increased their stakes in Penumbra, with notable increases from Farther Finance Advisors LLC (606.3% increase) and GAMMA Investing LLC (59.0% increase).
• Analysts have adjusted price targets for Penumbra, with Royal Bank of Canada lowering their target from $330.00 to $325.00, while Needham & Company set a target of $326.00 with a "buy" rating.

Bayforest Capital Ltd cut its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 72.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 400 shares of the company's stock after selling 1,031 shares during the quarter. Bayforest Capital Ltd's holdings in Penumbra were worth $103,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PEN. Farther Finance Advisors LLC lifted its position in shares of Penumbra by 606.3% during the 1st quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock worth $121,000 after buying an additional 382 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company's stock worth $190,000 after acquiring an additional 263 shares during the period. Fifth Third Bancorp boosted its position in Penumbra by 16.4% in 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 last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Penumbra by 4.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,251 shares of the company's stock valued at $869,000 after purchasing an additional 136 shares during the period. Finally, QRG Capital Management Inc. increased its position in shares of Penumbra by 14.1% during the 1st quarter. QRG Capital Management Inc. now owns 1,808 shares of the company's stock valued at $483,000 after purchasing an additional 224 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada cut their price target on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Penumbra in a research note on Wednesday, October 8th. William Blair raised shares of Penumbra to a "strong-buy" rating in a research report on Friday, July 18th. Needham & Company LLC set a $326.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Finally, Truist Financial dropped their price objective on Penumbra from $310.00 to $300.00 and set a "buy" rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Penumbra currently has an average rating of "Moderate Buy" and an average target price of $302.81.

Insider Activity at Penumbra

In other Penumbra news, CFO Maggie Yuen sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total value of $500,000.00. Following the sale, the chief financial officer directly owned 12,943 shares in the company, valued at $3,235,750. This represents a 13.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $270.58, for a total transaction of $162,348.00. Following the transaction, the executive vice president owned 64,857 shares of the company's stock, valued at $17,549,007.06. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,610 shares of company stock valued at $20,088,148 in the last quarter. 4.20% of the stock is currently owned by company insiders.

Penumbra Stock Performance

NYSE PEN opened at $249.32 on Friday. The company's 50 day moving average is $260.49 and its 200-day moving average is $261.50. Penumbra, Inc. has a 12-month low of $199.01 and a 12-month high of $310.00. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. The firm has a market cap of $9.72 billion, a P/E ratio of 66.31, a price-to-earnings-growth ratio of 2.29 and a beta of 0.41.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The business had revenue of $339.46 million during the quarter, compared to analyst estimates of $327.37 million. During the same period in the previous year, the business earned $0.64 EPS. Penumbra's revenue was up 13.4% compared to the same quarter last year. Penumbra has set its FY 2025 guidance at EPS. Sell-side analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current year.

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.

Want to see what other hedge funds are holding PEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penumbra, Inc. (NYSE:PEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.