Alliancebernstein L.P. Sells 5,821 Shares of Penumbra, Inc. $PEN

Key Points

• Alliancebernstein L.P. decreased its position in Penumbra, Inc. by 2.9%, now owning 194,354 shares, valued at approximately $51.97 million.
• Penumbra reported a 13.4% revenue growth year-over-year for the quarter, totaling $339.46 million, and earnings per share of $0.86, exceeding estimates.
• Several hedge funds increased their stakes in Penumbra, with notable increases from PDT Partners LLC and Royal Bank of Canada of 30.8% and 35.8%, respectively, indicating strong institutional interest.

Alliancebernstein L.P. cut its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 194,354 shares of the company's stock after selling 5,821 shares during the period. Alliancebernstein L.P. owned about 0.50% of Penumbra worth $51,972,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Concurrent Investment Advisors LLC acquired a new position in Penumbra during the 1st quarter valued at about $259,000. GAMMA Investing LLC lifted its stake in Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company's stock valued at $190,000 after purchasing an additional 263 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Penumbra by 606.3% in the 1st quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock valued at $121,000 after acquiring an additional 382 shares in the last quarter. Gotham Asset Management LLC purchased a new stake in shares of Penumbra in the 4th quarter valued at approximately $275,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in Penumbra in the 1st quarter valued at approximately $2,614,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PEN. Morgan Stanley upped their price objective on shares of Penumbra from $260.00 to $266.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Truist Financial set a $310.00 target price on shares of Penumbra and gave the company a "buy" rating in a research note on Wednesday, July 30th. Evercore ISI initiated coverage on shares of Penumbra in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $300.00 price target for the company. Royal Bank Of Canada reduced their price objective on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Finally, William Blair raised shares of Penumbra to a "strong-buy" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Penumbra has an average rating of "Moderate Buy" and a consensus price target of $302.93.

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 186 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were 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 $2,419,224.72. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Arani Bose sold 12,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total transaction of $3,007,800.00. Following the sale, the director directly owned 558 shares of the company's stock, valued at approximately $139,862.70. This trade represents a 95.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,163 shares of company stock valued at $27,932,335 over the last 90 days. Company insiders own 5.00% of the company's stock.

Penumbra Price Performance

Shares of NYSE PEN traded down $14.85 during trading on Wednesday, reaching $272.24. The company had a trading volume of 481,440 shares, compared to its average volume of 496,368. Penumbra, Inc. has a 52 week low of $184.80 and a 52 week high of $310.00. The stock has a market cap of $10.62 billion, a PE ratio of 72.41, a PEG ratio of 2.57 and a beta of 0.45. 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 business's 50 day moving average price is $250.64 and its 200-day moving average price is $265.20.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly 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 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%. Penumbra's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. Analysts expect that Penumbra, Inc. will post 3.67 earnings per share 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.