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 cut its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 55.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,342 shares of the company's stock after selling 1,646 shares during the quarter. Fred Alger Management LLC's holdings in Penumbra were worth $359,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Penumbra by 0.7% during the first quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company's stock valued at $982,825,000 after acquiring an additional 24,727 shares during the period. RTW Investments LP grew its position in shares of Penumbra by 8.4% during the fourth quarter. RTW Investments LP now owns 862,450 shares of the company's stock valued at $204,815,000 after purchasing an additional 66,700 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Penumbra by 437.0% during the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company's stock valued at $188,159,000 after purchasing an additional 572,606 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Penumbra by 7.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 321,046 shares of the company's stock valued at $87,045,000 after purchasing an additional 21,649 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Penumbra by 4.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 283,821 shares of the company's stock valued at $75,897,000 after purchasing an additional 12,247 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Penumbra Trading Down 5.2%

PEN opened at $272.24 on Thursday. The firm has a market cap of $10.62 billion, a P/E ratio of 72.41, a P/E/G ratio of 2.59 and a beta of 0.45. Penumbra, Inc. has a 12 month low of $184.80 and a 12 month high of $310.00. 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 stock has a 50-day moving average of $251.09 and a 200 day moving average of $265.25.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup cut their price objective on Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Wall Street Zen upgraded Penumbra from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. UBS Group set a $335.00 price objective on Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wells Fargo & Company dropped their price target on Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, Evercore ISI began coverage on Penumbra in a research report on Tuesday, September 2nd. They issued an "outperform" rating and a $300.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $302.93.

Insiders Place Their Bets

In other Penumbra news, CFO Maggie Yuen sold 2,000 shares of the firm's 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 owned 12,943 shares of the company's stock, valued at $3,235,750. This trade represents a 13.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harpreet Grewal sold 186 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $272.19, for a total transaction of $50,627.34. Following the completion of the sale, the director directly owned 8,888 shares of the company's stock, valued at approximately $2,419,224.72. The trade was a 2.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,163 shares of company stock valued at $27,932,335 over the last quarter. Corporate insiders own 4.20% 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.

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