Braidwell LP Reduces Stock Position in Penumbra, Inc. $PEN

Key Points

• Braidwell LP has reduced its stake in Penumbra, Inc. by 40.1%, selling 73,700 shares and retaining 110,128 shares valued at approximately $29.4 million.
• Penumbra reported a Q2 earnings per share (EPS) of $0.86, surpassing estimates, and revenue of $339.46 million, which demonstrates a year-over-year increase of 13.4%.
• Research analysts have set new price targets for Penumbra, with the average target now at $300.47, indicating a consensus rating of "Moderate Buy" among analysts.

Braidwell LP reduced its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 40.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,128 shares of the company's stock after selling 73,700 shares during the period. Braidwell LP owned 0.28% of Penumbra worth $29,449,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PEN. Northern Trust Corp grew its position in shares of Penumbra by 20.8% in the fourth quarter. Northern Trust Corp now owns 318,230 shares of the company's stock valued at $75,573,000 after purchasing an additional 54,890 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in shares of Penumbra by 41.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,760 shares of the company's stock valued at $418,000 after purchasing an additional 519 shares in the last quarter. Algert Global LLC grew its position in shares of Penumbra by 29.9% in the fourth quarter. Algert Global LLC now owns 18,974 shares of the company's stock valued at $4,506,000 after purchasing an additional 4,362 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Penumbra by 59.3% in the fourth quarter. BNP Paribas Financial Markets now owns 6,523 shares of the company's stock valued at $1,549,000 after purchasing an additional 2,429 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Penumbra by 19.9% in the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company's stock valued at $82,293,000 after purchasing an additional 57,421 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PEN. Canaccord Genuity Group set a $350.00 price target on Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada decreased their price objective on Penumbra from $330.00 to $325.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Truist Financial set a $310.00 price objective on Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. Citigroup decreased their price objective on Penumbra from $320.00 to $285.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Finally, UBS Group set a $335.00 price objective on Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $302.93.

Penumbra Trading Up 3.7%

NYSE:PEN traded up $9.89 during trading hours on Thursday, reaching $279.60. 604,073 shares of the stock were exchanged, compared to its average volume of 494,769. 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 business has a 50-day moving average of $248.82 and a two-hundred day moving average of $265.55. Penumbra, Inc. has a twelve month low of $184.80 and a twelve month high of $310.00. The company has a market capitalization of $10.90 billion, a price-to-earnings ratio of 74.36, a PEG ratio of 2.45 and a beta of 0.45.

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

Insiders Place Their Bets

In other news, Director Arani Bose sold 12,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total value of $3,007,800.00. Following the sale, the director directly owned 558 shares in the company, valued at approximately $139,862.70. This trade represents a 95.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,900 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $254.53, for a total value of $4,047,027.00. Following the completion of the sale, the chief executive officer owned 170,280 shares in the company, valued at approximately $43,341,368.40. The trade was a 8.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,487 shares of company stock valued at $27,494,779. 5.00% 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.