Canada Pension Plan Investment Board Grows Holdings in Penumbra, Inc. $PEN

Key Points

• The Canada Pension Plan Investment Board significantly increased its investment in Penumbra, Inc. by 308.8% in Q1, holding 46,600 shares valued at approximately $12.5 million.
• Multiple hedge funds have also adjusted their stakes in Penumbra, leading to institutional investors now holding 88.88% of the company's stock.
• Analyst ratings for Penumbra have improved, with a majority rating of 'Buy' and a target price averaging around $300.47.

Canada Pension Plan Investment Board raised its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 308.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,600 shares of the company's stock after buying an additional 35,200 shares during the period. Canada Pension Plan Investment Board owned 0.12% of Penumbra worth $12,461,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Next Century Growth Investors LLC purchased a new position in shares of Penumbra in the 1st quarter worth approximately $11,119,000. CreativeOne Wealth LLC purchased a new position in Penumbra in the first quarter worth $241,000. Ieq Capital LLC grew its stake in Penumbra by 17.3% in the 1st quarter. Ieq Capital LLC now owns 8,966 shares of the company's stock valued at $2,398,000 after purchasing an additional 1,324 shares during the period. Jump Financial LLC bought a new position in Penumbra in the 1st quarter valued at $294,000. Finally, AlphaQuest LLC purchased a new stake in shares of Penumbra during the 1st quarter valued at $66,000. Institutional investors own 88.88% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PEN. Wall Street Zen raised shares of Penumbra from a "hold" rating to a "buy" rating in a report on Saturday. Wells Fargo & Company dropped their target price on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Truist Financial set a $310.00 target price on shares of Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Robert W. Baird lifted their price target on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, William Blair upgraded Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $300.47.

Penumbra Stock Up 0.5%

PEN opened at $272.96 on Tuesday. Penumbra, Inc. has a 12 month low of $184.80 and a 12 month high of $310.00. The company has a market cap of $10.65 billion, a PE ratio of 72.60, a price-to-earnings-growth ratio of 2.45 and a beta of 0.45. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average of $247.69 and a 200 day moving average of $265.41.

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

Insider Buying and Selling

In other news, Director Arani Bose sold 12,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total transaction of $3,007,800.00. Following the sale, the director directly owned 558 shares in the company, valued at $139,862.70. This represents a 95.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 16,150 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $233.16, for a total transaction of $3,765,534.00. Following the transaction, the chief executive officer directly owned 146,258 shares of the company's stock, valued at approximately $34,101,515.28. This represents a 9.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,487 shares of company stock worth $27,494,779 over the last quarter. 5.00% of the stock is owned by corporate insiders.

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.