Penumbra, Inc. (NYSE:PEN) Stock Position Boosted by Commerce Bank

Key Points

• Commerce Bank significantly increased its holdings in Penumbra, Inc. by 759.3% during the first quarter, acquiring an additional 8,808 shares for a total value of $2,666,000.
• Insider transactions include CEO Adam Elsesser selling 16,650 shares for over $4.8 million, resulting in an 18.12% decrease in his ownership stake.
• Analysts have provided mixed ratings on Penumbra, with a consensus rating of "Moderate Buy" and an average target price of $300.47, as the stock has seen both cuts and upgrades to price targets recently.

Commerce Bank grew its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 759.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,968 shares of the company's stock after purchasing an additional 8,808 shares during the period. Commerce Bank's holdings in Penumbra were worth $2,666,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PEN. Synergy Investment Management LLC purchased a new stake in shares of Penumbra during the first quarter valued at $27,000. First Horizon Advisors Inc. lifted its position in Penumbra by 404.8% during the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after purchasing an additional 85 shares during the period. Hurley Capital LLC acquired a new position in shares of Penumbra in the fourth quarter worth about $56,000. Huntington National Bank raised its position in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after acquiring an additional 154 shares during the period. Finally, Versant Capital Management Inc raised its position in shares of Penumbra by 893.5% in the first quarter. Versant Capital Management Inc now owns 308 shares of the company's stock worth $82,000 after acquiring an additional 277 shares during the period. Institutional investors own 88.88% of the company's stock.

Wall Street Analysts Forecast Growth

PEN has been the subject of several research reports. Wall Street Zen cut shares of Penumbra from a "strong-buy" rating to a "hold" rating in a research note on Saturday. Canaccord Genuity Group set a $350.00 target price on shares of Penumbra and gave the stock a "buy" rating in a report on Wednesday, July 30th. Truist Financial set a $310.00 price objective on shares of Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Finally, UBS Group set a $335.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research note 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 data from MarketBeat.com, Penumbra has a consensus rating of "Moderate Buy" and a consensus price target of $300.47.

Penumbra Trading Down 0.3%

Penumbra stock traded down $0.76 during trading on Tuesday, reaching $239.63. The company had a trading volume of 551,771 shares, compared to its average volume of 536,873. Penumbra, Inc. has a 12-month low of $163.63 and a 12-month high of $310.00. The stock's 50 day moving average price is $248.86 and its two-hundred day moving average price is $267.13. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 63.73, a PEG ratio of 2.16 and a beta of 0.40. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) 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 firm had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. During the same period in the previous year, the firm earned $0.64 earnings per share. Penumbra's revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $252.70, for a total transaction of $151,620.00. Following the completion of the sale, the executive vice president directly owned 66,057 shares in the company, valued at $16,692,603.90. The trade was a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adam Elsesser sold 16,150 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer owned 146,258 shares of the company's stock, valued at $34,101,515.28. This trade represents a 9.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,735 shares of company stock worth $30,476,510 over the last ninety days. 5.00% of the stock is owned by company insiders.

Penumbra 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.