JPMorgan Chase & Co. Has $188.16 Million Stock Position in Penumbra, Inc. (NYSE:PEN)

Key Points

• JPMorgan Chase & Co. increased its position in Penumbra, Inc. by 437.0% in Q1, holding approximately 703,634 shares valued at $188.2 million.
• Major hedge funds such as Synergy Investment Management and Meeder Asset Management have also significantly increased their stakes in Penumbra, suggesting growing institutional interest.
• Penumbra's latest earnings report showed a 13.4% increase in revenue year-over-year, with earnings per share beating expectations at $0.86 compared to the consensus of $0.81.

JPMorgan Chase & Co. lifted its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 437.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 703,634 shares of the company's stock after acquiring an additional 572,606 shares during the quarter. JPMorgan Chase & Co. owned 1.82% of Penumbra worth $188,159,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its position in shares of Penumbra by 3.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 60,485 shares of the company's stock valued at $14,364,000 after purchasing an additional 2,033 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Penumbra by 66.1% in the 4th quarter. Cerity Partners LLC now owns 5,999 shares of the company's stock worth $1,400,000 after acquiring an additional 2,387 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Penumbra in the fourth quarter valued at about $5,976,000. Treasurer of the State of North Carolina increased its holdings in Penumbra by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 16,213 shares of the company's stock valued at $3,850,000 after acquiring an additional 100 shares in the last quarter. Finally, Barclays PLC increased its holdings in Penumbra by 65.3% during the 4th quarter. Barclays PLC now owns 29,796 shares of the company's stock valued at $7,076,000 after acquiring an additional 11,771 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Penumbra

In other Penumbra news, CFO Maggie Yuen sold 2,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer directly owned 12,943 shares of the company's stock, valued at approximately $3,235,750. This 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 the SEC website. Also, CEO Adam Elsesser sold 16,030 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $238.20, for a total transaction of $3,818,346.00. Following the sale, the chief executive officer directly owned 158,204 shares in the company, valued at $37,684,192.80. This trade represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,487 shares of company stock valued at $27,969,587 in the last ninety days. 4.20% of the stock is owned by insiders.

Penumbra Stock Down 0.1%

PEN traded down $0.22 during trading on Friday, hitting $252.99. The company had a trading volume of 304,724 shares, compared to its average volume of 513,287. The company has a market cap of $9.87 billion, a PE ratio of 67.28, a P/E/G ratio of 2.28 and a beta of 0.40. The business has a 50-day moving average of $246.04 and a 200-day moving average of $265.62. 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 1-year low of $184.80 and a 1-year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. The company had revenue of $339.46 million for 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. As a group, analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PEN. Truist Financial set a $310.00 price target on shares of Penumbra and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wall Street Zen lowered shares of Penumbra from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Robert W. Baird boosted 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. Royal Bank Of Canada decreased their price objective on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company decreased their price objective on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $300.47.

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.