Penumbra, Inc. $PEN Stock Position Lowered by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in Penumbra, Inc. by selling 2,208 shares, now owning approximately 316,022 shares valued at $84.5 million as of the end of the last quarter.
• JPMorgan Chase & Co. significantly increased its stake in Penumbra by 437%, now holding 703,634 shares worth $188 million after purchasing an additional 572,606 shares.
• Penumbra's stock has a market capitalization of $10.32 billion and experienced a 5.3% increase in trading, with analysts projecting an average price target of $300.47 and a current rating of "Moderate Buy."

Northern Trust Corp decreased its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 316,022 shares of the company's stock after selling 2,208 shares during the period. Northern Trust Corp owned about 0.82% of Penumbra worth $84,507,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Synergy Investment Management LLC purchased a new stake in Penumbra during the 1st quarter worth $27,000. First Horizon Advisors Inc. increased its position in shares of Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after purchasing an additional 85 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Penumbra in the 1st quarter worth about $76,000. Versant Capital Management Inc increased its position in shares of Penumbra by 893.5% in the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company's stock worth $82,000 after purchasing an additional 277 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Penumbra by 1,966.7% in the 1st quarter. Meeder Asset Management Inc. now owns 372 shares of the company's stock worth $99,000 after purchasing an additional 354 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

Penumbra Stock Performance

Shares of NYSE PEN traded up $4.48 during midday trading on Thursday, hitting $271.41. The company's stock had a trading volume of 485,682 shares, compared to its average volume of 496,419. Penumbra, Inc. has a 1-year low of $184.80 and a 1-year high of $310.00. The firm's fifty day moving average price is $246.70 and its 200-day moving average price is $265.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. The firm has a market cap of $10.59 billion, a P/E ratio of 72.18, a P/E/G ratio of 2.39 and a beta of 0.40.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. The business had revenue of $339.46 million during 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 company's quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PEN shares. Canaccord Genuity Group set a $350.00 target price on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Robert W. Baird boosted their target price on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Morgan Stanley boosted their target price on shares of Penumbra from $260.00 to $266.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Wall Street Zen downgraded shares of Penumbra from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Wells Fargo & Company dropped their target price on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $300.47.

Insider Buying and Selling

In other news, CFO Maggie Yuen sold 2,000 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $3,235,750. This represents a 13.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas Wilder sold 372 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total transaction of $89,339.52. Following the completion of the sale, the director directly owned 372 shares of the company's stock, valued at approximately $89,339.52. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,087 shares of company stock worth $27,649,681. Company 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.