Belpointe Asset Management LLC Makes New Investment in Penumbra, Inc. $PEN

Key Points

• Belpointe Asset Management LLC acquired 2,736 shares of Penumbra, Inc. for approximately $732,000 in the first quarter.
• Several institutional investors significantly increased their stakes in Penumbra, with BNP Paribas Financial Markets raising its position by 59.3%.
• Pennumbra reported earnings of $0.86 per share last quarter, surpassing analysts' expectations, with quarterly revenue reaching $339.46 million, a 13.4% increase from the previous year.

Belpointe Asset Management LLC acquired a new position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,736 shares of the company's stock, valued at approximately $732,000.

Other large investors have also recently modified their holdings of the company. Synergy Investment Management LLC bought a new position in shares of Penumbra during the first quarter valued at $27,000. First Horizon Advisors Inc. lifted its stake in shares of 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 in the last quarter. AlphaQuest LLC bought a new position in shares of Penumbra in the first quarter valued at $66,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Penumbra in the first quarter valued at $76,000. Finally, Versant Capital Management Inc lifted its position in shares of Penumbra by 893.5% during the first quarter. Versant Capital Management Inc now owns 308 shares of the company's stock valued at $82,000 after purchasing an additional 277 shares in the last quarter. Institutional investors own 88.88% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PEN shares. Wells Fargo & Company dropped their price target on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Truist Financial set a $310.00 price objective on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Morgan Stanley lifted their price objective on shares of Penumbra from $260.00 to $266.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Royal Bank Of Canada lowered their price objective on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Finally, Canaccord Genuity Group set a $350.00 price objective on shares of Penumbra and gave the stock a "buy" rating in a research 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 given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $302.93.

Penumbra Trading Down 0.5%

Shares of Penumbra stock traded down $1.19 during trading on Thursday, reaching $255.10. The company's stock had a trading volume of 142,448 shares, compared to its average volume of 491,458. Penumbra, Inc. has a 52-week low of $185.13 and a 52-week high of $310.00. The company has a market cap of $9.95 billion, a price-to-earnings ratio of 67.85, a PEG ratio of 2.37 and a beta of 0.45. The firm's 50-day moving average is $252.94 and its two-hundred day moving average is $264.60. 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 (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.05. The business had revenue of $339.46 million during the quarter, compared to analysts' expectations of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Arani Bose sold 12,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $250.65, for a total transaction of $3,007,800.00. Following the completion of the sale, the director owned 558 shares of the company's stock, valued at $139,862.70. This represents a 95.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 186 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $272.19, for a total transaction of $50,627.34. Following the sale, the director directly owned 8,888 shares of the company's stock, valued at $2,419,224.72. The trade was a 2.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,113 shares of company stock worth $27,919,346 over the last ninety days. 4.20% of the stock is owned by company insiders.

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.