Penumbra, Inc. (NYSE:PEN) Shares Purchased by Citigroup Inc.

Key Points

• Citigroup Inc. has significantly increased its stake in Penumbra, Inc. by 298.1% during the first quarter, owning a total of 90,209 shares worth approximately $24.1 million.
• Analysts have set price targets for Penumbra, with UBS Group at $335.00, while Citigroup has reduced its target to $285.00, reflecting varied outlooks on the stock's performance.
• Penumbra reported better-than-expected quarterly earnings, achieving $0.86 earnings per share against an estimate of $0.81, alongside a revenue increase of 13.4% year-over-year.

Citigroup Inc. raised its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 298.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 90,209 shares of the company's stock after purchasing an additional 67,548 shares during the quarter. Citigroup Inc. owned 0.23% of Penumbra worth $24,123,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PEN. Concurrent Investment Advisors LLC bought a new stake in shares of Penumbra in the first quarter worth approximately $259,000. GAMMA Investing LLC grew its position in Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company's stock valued at $190,000 after buying an additional 263 shares during the period. Farther Finance Advisors LLC grew its position in Penumbra by 606.3% during the first quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock valued at $121,000 after buying an additional 382 shares during the period. Gotham Asset Management LLC bought a new stake in Penumbra during the fourth quarter valued at approximately $275,000. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Penumbra during the first quarter valued at approximately $2,614,000. 88.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PEN has been the subject of several recent research reports. Stifel Nicolaus set a $318.00 target price on shares of Penumbra and gave the company a "buy" rating in a research report on Thursday, April 24th. Wall Street Zen lowered shares of Penumbra from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Royal Bank Of Canada cut their target price on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. UBS Group set a $335.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Truist Financial set a $310.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $300.47.

Penumbra Stock Performance

NYSE PEN traded down $0.22 on Friday, hitting $252.99. 304,724 shares of the company's stock traded hands, compared to its average volume of 497,729. 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 firm's 50-day moving average price is $246.16 and its two-hundred day moving average price is $265.74. Penumbra, Inc. has a 1-year low of $184.80 and a 1-year high of $310.00. The firm has a market capitalization of $9.87 billion, a PE ratio of 67.28, a P/E/G ratio of 2.31 and a beta of 0.40.

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, beating 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 during the quarter, compared to analysts' expectations of $327.37 million. During the same period in the previous year, the business posted $0.64 EPS. The business's revenue was up 13.4% compared to the same quarter last year. As a group, analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Insider Activity at Penumbra

In related news, Director Thomas Wilder sold 372 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $240.16, for a total value of $89,339.52. Following the completion of the sale, the director owned 372 shares of the company's stock, valued at approximately $89,339.52. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $258.17, for a total transaction of $154,902.00. Following the completion of the sale, the executive vice president directly owned 64,714 shares of the company's stock, valued at approximately $16,707,213.38. The trade was a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 98,487 shares of company stock worth $24,461,787 in the last three months. Company insiders own 4.20% of the company's stock.

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.