Fred Alger Management LLC Sells 1,646 Shares of Penumbra, Inc. $PEN

Key Points

• Fred Alger Management LLC has reduced its holdings in Penumbra, Inc. by 55.1%, selling 1,646 shares and now holding only 1,342 shares, valued at approximately $359,000.
• Penumbra's stock has recently traded down 5.2%, with a current price of $272.24, and a market cap of $10.62 billion.
• In financial results, Penumbra reported earnings of $0.86 per share for its latest quarter, exceeding estimates and showing a 13.4% year-over-year revenue increase to $339.46 million.

Fred Alger Management LLC decreased its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 55.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,342 shares of the company's stock after selling 1,646 shares during the period. Fred Alger Management LLC's holdings in Penumbra were worth $359,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Fifth Third Bancorp grew its stake in shares of Penumbra by 16.4% during the first quarter. Fifth Third Bancorp now owns 404 shares of the company's stock worth $108,000 after purchasing an additional 57 shares during the period. First Horizon Advisors Inc. boosted its holdings in Penumbra by 404.8% during the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after buying an additional 85 shares during the last quarter. Synergy Investment Management LLC acquired a new position in shares of Penumbra during the 1st quarter worth about $27,000. State of Michigan Retirement System grew its position in shares of Penumbra by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 9,214 shares of the company's stock worth $2,464,000 after buying an additional 100 shares during the period. Finally, Louisiana State Employees Retirement System increased its stake in shares of Penumbra by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the company's stock valued at $2,888,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company's stock.

Analysts Set New Price Targets

PEN has been the topic of several recent analyst reports. Truist Financial set a $310.00 price objective on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Robert W. Baird increased their target price on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Citigroup decreased 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. Evercore ISI initiated coverage on shares of Penumbra in a research report on Tuesday, September 2nd. They issued an "outperform" rating and a $300.00 price objective for the company. Finally, Canaccord Genuity Group set a $350.00 target price on Penumbra and gave the stock a "buy" rating in a report on Wednesday, July 30th. One analyst has 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $302.93.

Penumbra Stock Down 0.1%

Shares of PEN traded down $0.20 during mid-day trading on Tuesday, hitting $262.92. 321,066 shares of the company's stock were exchanged, compared to its average volume of 457,070. The company has a market cap of $10.25 billion, a PE ratio of 69.93, a P/E/G ratio of 2.37 and a beta of 0.45. Penumbra, Inc. has a 52 week low of $185.07 and a 52 week high of $310.00. The company has a 50-day simple moving average of $252.69 and a 200 day simple moving average of $264.66. 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 (NYSE:PEN - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.81 by $0.05. The business had revenue of $339.46 million during the quarter, compared to analysts' expectations of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm's revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. On average, research analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $252.70, for a total value of $151,620.00. Following the completion of the transaction, the executive vice president owned 66,057 shares in the company, valued at $16,692,603.90. This trade represents a 0.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of Penumbra stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer directly owned 12,943 shares in the company, valued at approximately $3,235,750. This represents a 13.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,113 shares of company stock valued at $27,919,346. Corporate insiders own 5.00% of the company's stock.

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.