Los Angeles Capital Management LLC Raises Stake in Penumbra, Inc. (NYSE:PEN)

Los Angeles Capital Management LLC increased its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 487.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,550 shares of the company's stock after buying an additional 148,968 shares during the period. Los Angeles Capital Management LLC owned 0.46% of Penumbra worth $48,013,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. RTW Investments LP raised its holdings in shares of Penumbra by 8.4% in the 4th quarter. RTW Investments LP now owns 862,450 shares of the company's stock worth $204,815,000 after purchasing an additional 66,700 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Penumbra by 47.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company's stock valued at $167,913,000 after buying an additional 227,506 shares in the last quarter. Bank of America Corp DE grew its stake in Penumbra by 19.9% in the 4th quarter. Bank of America Corp DE now owns 346,528 shares of the company's stock valued at $82,293,000 after buying an additional 57,421 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Penumbra by 23.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 323,964 shares of the company's stock valued at $76,937,000 after buying an additional 60,764 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Penumbra by 7.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 321,046 shares of the company's stock valued at $87,045,000 after buying an additional 21,649 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PEN shares. Robert W. Baird boosted their price target on shares of Penumbra from $316.00 to $325.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Citigroup reduced their price target on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. UBS Group restated a "buy" rating and issued a $330.00 price objective (up previously from $320.00) on shares of Penumbra in a report on Thursday, April 24th. Truist Financial increased their price target on shares of Penumbra from $315.00 to $330.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Finally, BTIG Research reiterated a "buy" rating on shares of Penumbra in a report on Thursday, April 24th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $305.07.

Insider Activity

In other news, CEO Adam Elsesser sold 15,985 shares of Penumbra stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $243.75, for a total value of $3,896,343.75. Following the transaction, the chief executive officer owned 134,432 shares of the company's stock, valued at $32,767,800. The trade was a 10.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $252.70, for a total transaction of $151,620.00. Following the completion of the transaction, the executive vice president directly owned 66,057 shares in the company, valued at approximately $16,692,603.90. The trade was a 0.90% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 114,185 shares of company stock worth $31,073,762. 5.00% of the stock is currently owned by corporate insiders.

Penumbra Stock Performance

PEN remained flat at $230.10 during trading on Friday. 423,932 shares of the company traded hands, compared to its average volume of 455,802. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $310.00. The company has a market cap of $8.91 billion, a P/E ratio of 217.08, a PEG ratio of 2.06 and a beta of 0.47. The stock has a 50-day moving average price of $258.27 and a 200-day moving average price of $268.18. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.68 and a current ratio of 6.30.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.17. Penumbra had a net margin of 3.41% and a return on equity of 11.14%. The firm had revenue of $324.14 million during the quarter, compared to analyst estimates of $315.72 million. During the same quarter last year, the business earned $0.41 EPS. The business's revenue was up 16.3% on a year-over-year basis. Equities analysts expect 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.