Redmile Group LLC Reduces Stock Holdings in Penumbra, Inc. $PEN

Key Points

• Redmile Group LLC reduced its holdings in Penumbra, Inc. by 11.3%, selling 2,900 shares and retaining 22,843 shares valued at approximately $6.1 million.
• Penumbra reported a 13.4% year-over-year increase in revenue, totaling $339.46 million, and earnings per share of $0.86, exceeding analysts' expectations of $0.81.
• Analysts rate Penumbra stock as a Moderate Buy with a consensus target price of $300.47, following several upgrades and changes in target prices from various research firms.

Redmile Group LLC lessened its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,843 shares of the company's stock after selling 2,900 shares during the period. Redmile Group LLC owned about 0.06% of Penumbra worth $6,108,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Synergy Investment Management LLC purchased a new stake in Penumbra during the first quarter valued at approximately $27,000. First Horizon Advisors Inc. raised its position in shares of Penumbra by 404.8% during the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after purchasing an additional 85 shares during the period. AlphaQuest LLC bought a new stake in shares of Penumbra during the 1st quarter valued at $66,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Penumbra during the 1st quarter valued at $76,000. Finally, Versant Capital Management Inc raised its position in shares of Penumbra by 893.5% during the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company's stock valued at $82,000 after purchasing an additional 277 shares during the period. Institutional investors own 88.88% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PEN shares. Morgan Stanley raised their price objective on shares of Penumbra from $260.00 to $266.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Wells Fargo & Company cut their target price on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Evercore ISI initiated coverage on shares of Penumbra in a research note on Tuesday. They set an "outperform" rating and a $300.00 target price for the company. Royal Bank Of Canada cut their target price on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Finally, Citigroup cut their target price on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $302.93.

Insider Activity

In other Penumbra news, Director Arani Bose sold 12,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were 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 directly owned 558 shares in the company, valued at approximately $139,862.70. This represents a 95.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 66,057 shares of the company's stock, valued at $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 90 days, 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.

Penumbra Trading Up 0.6%

PEN stock traded up $1.81 during trading on Friday, hitting $281.53. The company had a trading volume of 569,867 shares, compared to its average volume of 408,531. The firm has a market capitalization of $10.98 billion, a P/E ratio of 74.88, a PEG ratio of 2.52 and a beta of 0.45. Penumbra, Inc. has a 52-week low of $184.80 and a 52-week high of $310.00. The company has a 50 day simple moving average of $249.33 and a 200-day simple moving average of $265.62. 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. The firm had revenue of $339.46 million for 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%. The company's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. As a group, research analysts forecast 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.