Sheets Smith Investment Management Makes New $773,000 Investment in Penumbra, Inc. $PEN

Key Points

• Sheets Smith Investment Management has acquired a new position in Penumbra, Inc., purchasing 2,889 shares worth approximately $773,000 during the first quarter.
• Penumbra reported earnings of $0.86 per share for the last quarter, exceeding analyst expectations, with revenue rising 13.4% year-over-year to $339.46 million.
• Analysts have a consensus rating of "Moderate Buy" for Penumbra, with an average price target of $302.93, reflecting strong market sentiment.

Sheets Smith Investment Management bought a new position in Penumbra, Inc. (NYSE:PEN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,889 shares of the company's stock, valued at approximately $773,000.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Penumbra by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company's stock valued at $982,825,000 after purchasing an additional 24,727 shares in the last quarter. RTW Investments LP boosted its position in Penumbra by 8.4% during the fourth quarter. RTW Investments LP now owns 862,450 shares of the company's stock valued at $204,815,000 after buying an additional 66,700 shares during the period. JPMorgan Chase & Co. boosted its position in Penumbra by 437.0% during the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company's stock valued at $188,159,000 after buying an additional 572,606 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Penumbra by 7.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 321,046 shares of the company's stock valued at $87,045,000 after buying an additional 21,649 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Penumbra by 4.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 283,821 shares of the company's stock valued at $75,897,000 after buying an additional 12,247 shares during the period. Hedge funds and other institutional investors own 88.88% of the company's stock.

Penumbra Stock Down 2.6%

NYSE:PEN traded down $6.96 during trading hours on Wednesday, reaching $256.01. 122,803 shares of the company traded hands, compared to its average volume of 491,889. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $9.98 billion, a P/E ratio of 68.09, a P/E/G ratio of 2.37 and a beta of 0.45. Penumbra, Inc. has a 1 year low of $185.13 and a 1 year high of $310.00. The business's 50-day moving average price is $252.69 and its two-hundred day moving average price is $264.66.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data 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. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The company had revenue of $339.46 million during the quarter, compared to analyst estimates of $327.37 million. During the same period in the previous year, the business earned $0.64 EPS. The firm's revenue for the quarter was up 13.4% on a year-over-year basis. Penumbra has set its FY 2025 guidance at EPS. Analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. UBS Group set a $335.00 target price on Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. Royal Bank Of Canada dropped their price objective on Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Truist Financial set a $310.00 price target on shares of Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wells Fargo & Company dropped their price target 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. Finally, Wall Street Zen upgraded Penumbra from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $302.93.

Insider Activity

In other news, CEO Adam Elsesser sold 15,800 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $269.65, for a total transaction of $4,260,470.00. Following the completion of the sale, the chief executive officer owned 182,460 shares of the company's stock, valued at $49,200,339. This represents a 7.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Arani Bose sold 12,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 558 shares of the company's stock, valued at $139,862.70. The trade was a 95.56% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,113 shares of company stock worth $27,919,346. Company insiders own 5.00% of the company's stock.

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.