Corebridge Financial Inc. Has $11.44 Million Position in Penumbra, Inc. $PEN

Key Points

• Corebridge Financial Inc. reduced its stake in Penumbra, Inc. by 2.4% in Q1, owning approximately $11.44 million worth of the company, with a total of 42,788 shares after selling 1,052 shares during the period.
• A variety of analysts have recently set new price targets for Penumbra, with UBS Group suggesting a buy rating and a target of $335.00, while the stock holds an average price target of $300.47.
• Penumbra reported a Q2 EPS of $0.86, surpassing estimates, and had a revenue of $339.46 million, reflecting a 13.4% year-over-year increase.

Corebridge Financial Inc. lessened its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 42,788 shares of the company's stock after selling 1,052 shares during the quarter. Corebridge Financial Inc. owned 0.11% of Penumbra worth $11,442,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC acquired a new position in shares of Penumbra during the 1st quarter worth $259,000. GAMMA Investing LLC boosted its holdings in Penumbra by 59.0% in the 1st quarter. GAMMA Investing LLC now owns 709 shares of the company's stock valued at $190,000 after purchasing an additional 263 shares during the period. Farther Finance Advisors LLC boosted its holdings in Penumbra by 606.3% in the 1st quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock valued at $121,000 after purchasing an additional 382 shares during the period. Gotham Asset Management LLC bought a new stake in Penumbra in the 4th quarter valued at $275,000. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Penumbra in the 1st quarter valued at $2,614,000. Institutional investors and hedge funds own 88.88% of the company's stock.

Insiders Place Their Bets

In related news, Director Arani Bose sold 12,000 shares of the business's 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 transaction, the director directly owned 558 shares in the company, valued at approximately $139,862.70. The trade was a 95.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Maggie Yuen sold 2,000 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $250.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer owned 12,943 shares in the company, valued at approximately $3,235,750. The trade was a 13.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,087 shares of company stock valued at $27,649,681 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup reduced their price target on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Royal Bank Of Canada lowered their price objective 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. Wall Street Zen raised shares of Penumbra from a "hold" rating to a "buy" rating in a research note on Saturday. Robert W. Baird lifted their price objective on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note 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 note on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $300.47.

Penumbra Stock Up 0.5%

PEN traded up $1.28 during trading on Friday, reaching $272.96. The company had a trading volume of 395,485 shares, compared to its average volume of 433,805. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04. Penumbra, Inc. has a 12 month low of $184.80 and a 12 month high of $310.00. The business's fifty day moving average price is $247.32 and its 200 day moving average price is $265.42. The company has a market cap of $10.65 billion, a P/E ratio of 72.60, a PEG ratio of 2.45 and a beta of 0.40.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. The business had revenue of $339.46 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. Equities analysts anticipate that Penumbra, Inc. will post 3.67 EPS for the current year.

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.