Penumbra, Inc. $PEN Stock Position Cut by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Penumbra, Inc. by 5.3%, selling 5,501 shares during the first quarter, retaining approximately 0.25% of the company valued at $26.39 million.
• Insider transactions included EVP Johanna Roberts selling 600 shares for about $151,620, and CFO Maggie Yuen selling 2,000 shares for $500,000, indicating notable divestments by company executives.
• Penumbra's latest earnings showed a quarterly 13.4% revenue increase year-over-year, with earnings per share beating expectations at $0.86 compared to the forecasted $0.81.

The Manufacturers Life Insurance Company reduced its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 5.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,692 shares of the company's stock after selling 5,501 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.25% of Penumbra worth $26,391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Driehaus Capital Management LLC purchased a new stake in shares of Penumbra during the first quarter worth about $20,398,000. Canada Pension Plan Investment Board grew its holdings in shares of Penumbra by 308.8% during the first quarter. Canada Pension Plan Investment Board now owns 46,600 shares of the company's stock worth $12,461,000 after buying an additional 35,200 shares in the last quarter. Next Century Growth Investors LLC purchased a new stake in shares of Penumbra during the first quarter worth about $11,119,000. CreativeOne Wealth LLC purchased a new stake in Penumbra in the first quarter valued at approximately $241,000. Finally, Ieq Capital LLC increased its position in Penumbra by 17.3% during the first quarter. Ieq Capital LLC now owns 8,966 shares of the company's stock worth $2,398,000 after purchasing an additional 1,324 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PEN has been the subject of several research analyst reports. UBS Group set a $335.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Canaccord Genuity Group set a $350.00 price objective on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Penumbra from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Wells Fargo & Company decreased their price objective 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. Finally, Citigroup decreased their price objective 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 issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $302.93.

Penumbra Stock Up 0.6%

NYSE PEN traded up $1.81 during trading hours on Friday, reaching $281.53. 569,867 shares of the company traded hands, compared to its average volume of 408,531. Penumbra, Inc. has a 12 month low of $184.80 and a 12 month high of $310.00. 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 $10.98 billion, a PE ratio of 74.88, a PEG ratio of 2.52 and a beta of 0.45. The company has a 50 day moving average of $249.33 and a two-hundred day moving average of $265.62.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, beating 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 firm's revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,800 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 182,460 shares of the company's stock, valued at approximately $49,200,339. This represents a 7.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $250.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer directly owned 12,943 shares in the company, valued at $3,235,750. This trade represents a 13.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,073 shares of company stock valued at $31,968,224 in the last ninety days. 4.20% of the stock is owned by 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.