Penumbra, Inc. $PEN Stock Position Cut by Alliancebernstein L.P.

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. decreased its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 2.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (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 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 shares of Penumbra during the first quarter worth about $27,000. First Horizon Advisors Inc. increased its holdings in Penumbra by 404.8% during 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. AlphaQuest LLC purchased a new stake in Penumbra during the 1st quarter worth approximately $66,000. Caitong International Asset Management Co. Ltd purchased a new stake in Penumbra during the 1st quarter worth approximately $76,000. Finally, Versant Capital Management Inc increased its holdings in Penumbra by 893.5% during 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. Hedge funds and other institutional investors own 88.88% of the company's stock.

Insider Activity

In other Penumbra news, CFO Maggie Yuen sold 2,000 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer owned 12,943 shares in the company, valued at approximately $3,235,750. This represents a 13.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arani Bose sold 12,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the director owned 558 shares of the company's stock, valued at approximately $139,862.70. This trade represents a 95.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,163 shares of company stock worth $27,932,335 over the last ninety days. Insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Truist Financial set a $310.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Citigroup dropped their target price on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. 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. UBS Group set a $335.00 target price on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Evercore ISI initiated coverage on Penumbra in a report on Tuesday, September 2nd. They issued an "outperform" rating and a $300.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $302.93.

Penumbra Stock Performance

Shares of NYSE:PEN traded down $1.80 during trading on Friday, hitting $274.60. 126,875 shares of the company traded hands, compared to its average volume of 493,830. The stock has a market capitalization of $10.71 billion, a price-to-earnings ratio of 73.04, a PEG ratio of 2.45 and a beta of 0.45. The business's fifty day moving average is $251.62 and its 200-day moving average is $265.17. Penumbra, Inc. has a one year low of $184.80 and a one year high of $310.00. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. The firm had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a return on equity of 11.55% and a net margin of 11.54%.The firm's revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

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.