Polar Asset Management Partners Inc. Cuts Stake in Penumbra, Inc. $PEN

Key Points

• Polar Asset Management Partners Inc. has decreased its stake in Penumbra, Inc. by 67%, holding only 40,259 shares after selling 81,867 shares in the first quarter, now valued at approximately $10.77 million.
• Other institutional investors have varied their holdings, with Mercer Global Advisors and BNP Paribas Financial Markets increasing their stakes by 41.8% and 59.3% respectively in the fourth quarter.
• Penumbra reported a quarterly earnings per share of $0.86, exceeding expectations, with revenue up by 13.4% year-over-year, indicating a strong financial performance for the company.

Polar Asset Management Partners Inc. cut its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 67.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,259 shares of the company's stock after selling 81,867 shares during the period. Polar Asset Management Partners Inc. owned about 0.10% of Penumbra worth $10,766,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Mercer Global Advisors Inc. ADV grew its stake in Penumbra by 41.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,760 shares of the company's stock worth $418,000 after purchasing an additional 519 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Penumbra by 59.3% in the fourth quarter. BNP Paribas Financial Markets now owns 6,523 shares of the company's stock worth $1,549,000 after purchasing an additional 2,429 shares in the last quarter. Bank of America Corp DE grew its stake in Penumbra by 19.9% in the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company's stock worth $82,293,000 after purchasing an additional 57,421 shares in the last quarter. Captrust Financial Advisors acquired a new position in Penumbra in the fourth quarter worth about $343,000. Finally, Brevan Howard Capital Management LP acquired a new position in Penumbra in the fourth quarter valued at approximately $253,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Price Performance

Shares of NYSE:PEN opened at $279.60 on Friday. Penumbra, Inc. has a 12 month low of $184.80 and a 12 month high of $310.00. The stock has a market cap of $10.90 billion, a price-to-earnings ratio of 74.36, a PEG ratio of 2.43 and a beta of 0.45. The stock's 50 day moving average price is $248.82 and its 200 day moving average price is $265.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. The firm had revenue of $339.46 million for 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 firm's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $252.70, for a total transaction of $151,620.00. Following the transaction, the executive vice president directly owned 66,057 shares in the company, valued at $16,692,603.90. The trade was a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 16,150 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $233.16, for a total transaction of $3,765,534.00. Following the transaction, the chief executive officer owned 146,258 shares in the company, valued at approximately $34,101,515.28. This represents a 9.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,073 shares of company stock valued at $31,968,224. 4.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PEN has been the subject of a number of research reports. Robert W. Baird lifted their target price on Penumbra from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Citigroup decreased their target price on Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. William Blair upgraded Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Truist Financial set a $310.00 target price on Penumbra and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded Penumbra from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $302.93.

Penumbra 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.

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