Simplify Asset Management Inc. Boosts Stock Position in Penumbra, Inc. $PEN

Key Points

• Simplify Asset Management increased its stake in Penumbra by 89.7% in the fourth quarter, buying 7,485 more shares and bringing its total to 15,827 shares valued at about $4.92 million.
• Penumbra’s latest earnings report showed mixed results: EPS of $0.82 missed estimates, while revenue of $374.76 million beat expectations and rose 15.6% year over year.
• Wall Street remains cautious on the stock, with a consensus rating of Hold and an average price target of $361.33; shares were trading around $328.46 in the article.

Simplify Asset Management Inc. grew its stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 89.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,827 shares of the company's stock after acquiring an additional 7,485 shares during the period. Simplify Asset Management Inc.'s holdings in Penumbra were worth $4,921,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its position in shares of Penumbra by 27.1% during the fourth quarter. Farther Finance Advisors LLC now owns 178 shares of the company's stock worth $55,000 after acquiring an additional 38 shares in the last quarter. Swiss Life Asset Management Ltd lifted its position in shares of Penumbra by 2.3% during the fourth quarter. Swiss Life Asset Management Ltd now owns 1,728 shares of the company's stock worth $537,000 after acquiring an additional 39 shares in the last quarter. Abbot Financial Management Inc. lifted its position in shares of Penumbra by 1.3% during the third quarter. Abbot Financial Management Inc. now owns 3,254 shares of the company's stock worth $824,000 after acquiring an additional 42 shares in the last quarter. Glenview Trust Co lifted its position in shares of Penumbra by 5.0% during the third quarter. Glenview Trust Co now owns 904 shares of the company's stock worth $229,000 after acquiring an additional 43 shares in the last quarter. Finally, Keybank National Association OH lifted its position in shares of Penumbra by 1.2% during the fourth quarter. Keybank National Association OH now owns 3,705 shares of the company's stock worth $1,152,000 after acquiring an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group restated a "neutral" rating and set a $374.00 target price on shares of Penumbra in a research report on Thursday, February 26th. Evercore reaffirmed an "outperform" rating and issued a $335.00 price target on shares of Penumbra in a report on Thursday, May 7th. Citigroup decreased their price target on shares of Penumbra from $374.00 to $350.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Finally, Wall Street Zen raised shares of Penumbra to a "hold" rating in a report on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, Penumbra has an average rating of "Hold" and a consensus target price of $361.33.

Penumbra Trading Down 0.1%

Penumbra stock opened at $328.46 on Monday. The stock has a market cap of $12.92 billion, a P/E ratio of 75.68, a PEG ratio of 2.01 and a beta of 0.74. Penumbra, Inc. has a fifty-two week low of $221.26 and a fifty-two week high of $362.41. The firm's fifty day moving average price is $329.87 and its 200-day moving average price is $322.45. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.95 and a current ratio of 6.02.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.24). The firm had revenue of $374.76 million during the quarter, compared to the consensus estimate of $370.47 million. Penumbra had a return on equity of 10.87% and a net margin of 11.76%.The company's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. Equities research analysts forecast that Penumbra, Inc. will post 5.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 100 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the transaction, the director owned 8,719 shares of the company's stock, valued at $2,861,750.18. This represents a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Maggie Yuen sold 2,432 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $342.30, for a total value of $832,473.60. Following the completion of the transaction, the chief financial officer directly owned 18,353 shares in the company, valued at approximately $6,282,231.90. This represents a 11.70% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company's stock.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra's technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra's portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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