Penumbra, Inc. $PEN Position Reduced by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Penumbra, Inc. by 8.8% in the first quarter, leaving it with 12,370 shares valued at approximately $3.3 million.
• Various institutional investors have also made changes to their holdings in Penumbra, with notable increases in positions from firms like GAMMA Investing LLC and Farther Finance Advisors LLC.
• Penumbra achieved a 13.4% increase in revenue year-over-year, reporting $339.46 million in revenue during its latest quarter, while exceeding EPS estimates by $0.05.

State of New Jersey Common Pension Fund D lessened its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,370 shares of the company's stock after selling 1,188 shares during the period. State of New Jersey Common Pension Fund D's holdings in Penumbra were worth $3,308,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Baker Avenue Asset Management LP raised its position in shares of Penumbra by 1.6% in the fourth quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company's stock valued at $791,000 after buying an additional 53 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Penumbra by 16.4% in the first quarter. Fifth Third Bancorp now owns 404 shares of the company's stock valued at $108,000 after buying an additional 57 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after buying an additional 85 shares during the last quarter. Synergy Investment Management LLC acquired a new position in shares of Penumbra in the first quarter valued at approximately $27,000. Finally, State of Michigan Retirement System raised its position in shares of Penumbra by 1.1% in the first quarter. State of Michigan Retirement System now owns 9,214 shares of the company's stock valued at $2,464,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company's stock.

Insider Activity

In other news, CFO Maggie Yuen sold 2,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer directly owned 12,943 shares in the company, valued at approximately $3,235,750. This represents a 13.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 owned 558 shares of the company's stock, valued at $139,862.70. This trade represents a 95.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,387 shares of company stock valued at $32,016,614 over the last ninety days. 4.20% of the stock is owned by company insiders.

Penumbra Trading Up 5.3%

Shares of Penumbra stock traded up $13.3030 during trading hours on Friday, hitting $264.6730. The company's stock had a trading volume of 604,846 shares, compared to its average volume of 481,348. Penumbra, Inc. has a 1-year low of $184.80 and a 1-year high of $310.00. The business has a fifty day moving average of $246.20 and a 200 day moving average of $265.26. The company has a market capitalization of $10.32 billion, a PE ratio of 70.39, a P/E/G ratio of 2.38 and a beta of 0.40. 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 released its quarterly earnings data 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. 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 quarter in the prior year, the business earned $0.64 earnings per share. The business's quarterly revenue was up 13.4% compared to the same quarter last year. Penumbra has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Citigroup lowered their target price on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Wall Street Zen downgraded shares of Penumbra from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 2nd. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a report on Friday, July 18th. Truist Financial set a $310.00 target price on shares of Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, Royal Bank Of Canada lowered their target price on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $300.47.

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.