T. Rowe Price Investment Management Inc. Sells 73,453 Shares of Penumbra, Inc. $PEN

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Penumbra, Inc. by 10.4%, bringing its ownership to 633,608 shares worth approximately $169.4 million.
• JPMorgan Chase & Co. significantly increased its position in Penumbra by 437% during the same quarter, now owning 703,634 shares valued at about $188.2 million.
• Penumbra reported a quarterly earnings per share of $0.86, exceeding analyst expectations and showing a 13.4% increase in year-over-year revenue.

T. Rowe Price Investment Management Inc. reduced its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 10.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 633,608 shares of the company's stock after selling 73,453 shares during the period. T. Rowe Price Investment Management Inc. owned about 1.64% of Penumbra worth $169,434,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Synergy Investment Management LLC acquired a new stake in Penumbra in the first quarter valued at $27,000. First Horizon Advisors Inc. raised its holdings in Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after acquiring an additional 85 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Penumbra in the first quarter valued at $76,000. Versant Capital Management Inc raised its holdings in Penumbra by 893.5% in the first quarter. Versant Capital Management Inc now owns 308 shares of the company's stock valued at $82,000 after acquiring an additional 277 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Penumbra by 1,966.7% during the first 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 period. 88.88% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Thomas Wilder sold 372 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total value of $89,339.52. Following the completion of the sale, the director owned 372 shares in the company, valued at $89,339.52. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Maggie Yuen sold 2,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was 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 trade represents a 13.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,387 shares of company stock worth $32,016,614 in the last quarter. Corporate insiders own 4.20% of the company's stock.

Penumbra Price Performance

PEN traded up $13.3030 on Friday, reaching $264.6730. The company had a trading volume of 604,846 shares, compared to its average volume of 481,348. The company has a fifty day moving average of $246.20 and a 200-day moving average of $265.26. The company has a market capitalization of $10.32 billion, a P/E ratio of 70.39, a PEG ratio of 2.38 and a beta of 0.40. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a one year low of $184.80 and a one year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. The firm 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%. Penumbra's revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PEN shares. William Blair raised shares of Penumbra to a "strong-buy" rating in a report on Friday, July 18th. Morgan Stanley increased their target price on shares of Penumbra from $260.00 to $266.00 and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Wells Fargo & Company dropped their price objective on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Robert W. Baird increased their price objective on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Penumbra from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 2nd. Two investment analysts have 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $300.47.

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.