Sheets Smith Investment Management Acquires New Holdings 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 acquired a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,889 shares of the company's stock, valued at approximately $773,000.

Several other hedge funds have also recently bought and sold shares of PEN. Concurrent Investment Advisors LLC acquired a new position in shares of Penumbra during the first quarter worth approximately $259,000. GAMMA Investing LLC boosted its position in shares of Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company's stock worth $190,000 after buying an additional 263 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Penumbra by 606.3% during the first quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock worth $121,000 after buying an additional 382 shares during the period. Gotham Asset Management LLC acquired a new position in shares of Penumbra during the fourth quarter worth approximately $275,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Penumbra during the first quarter worth approximately $2,614,000. 88.88% of the stock is currently owned by institutional investors.

Penumbra Stock Performance

PEN opened at $276.73 on Friday. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 73.60, a price-to-earnings-growth ratio of 2.45 and a beta of 0.45. 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, Inc. has a 1-year low of $184.80 and a 1-year high of $310.00. The business has a 50 day moving average price of $251.62 and a two-hundred day moving average price of $265.17.

Penumbra (NYSE:PEN - Get Free Report) last released its 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 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 for the quarter was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. Research analysts predict that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PEN has been the subject of several analyst reports. Truist Financial set a $310.00 price objective on Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Evercore ISI initiated coverage on shares of Penumbra in a research report on Tuesday, September 2nd. They issued an "outperform" rating and a $300.00 target price for the company. UBS Group set a $335.00 target price 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 on the stock in a research report on Wednesday, July 30th. Finally, Robert W. Baird boosted their price target on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $302.93.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $252.70, for a total value of $151,620.00. Following the transaction, the executive vice president owned 66,057 shares in the company, valued at approximately $16,692,603.90. The trade was a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Arani Bose sold 12,000 shares of Penumbra 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 completion of the transaction, the director owned 558 shares in the company, 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. In the last ninety days, insiders have sold 112,163 shares of company stock worth $27,932,335. 4.20% of the stock is owned by corporate insiders.

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.

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