WCM Investment Management LLC Raises Stock Holdings in Penumbra, Inc. $PEN

Key Points

• WCM Investment Management LLC increased its stake in Penumbra, Inc. by 7.6% during Q2 2023, owning a total of 43,554 shares worth approximately $11.17 million at the quarter's end.
• Penumbra's stock rose 0.5% and boasts a market capitalization of $9.90 billion, while its recent earnings report showed a 13.4% increase in quarterly revenue year-over-year, reaching $339.46 million.
• Research analysts have mostly rated Penumbra as a "buy", with an average price target of $302.81 per share, reflecting optimistic growth forecasts for the company.

WCM Investment Management LLC boosted its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 7.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,554 shares of the company's stock after buying an additional 3,060 shares during the quarter. WCM Investment Management LLC owned 0.11% of Penumbra worth $11,169,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC grew its stake in shares of Penumbra by 7.3% during the 2nd quarter. GAMMA Investing LLC now owns 761 shares of the company's stock valued at $195,000 after acquiring an additional 52 shares during the period. Fifth Third Bancorp grew its stake in shares of Penumbra by 16.4% during the 1st quarter. Fifth Third Bancorp now owns 404 shares of the company's stock valued at $108,000 after acquiring an additional 57 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Penumbra by 404.8% during the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after acquiring an additional 85 shares during the period. Synergy Investment Management LLC bought a new position in shares of Penumbra during the 1st quarter valued at approximately $27,000. Finally, State of Michigan Retirement System grew its stake in shares of Penumbra by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 9,214 shares of the company's stock valued at $2,464,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 88.88% of the company's stock.

Penumbra Stock Up 0.5%

NYSE PEN opened at $253.97 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. The company has a market capitalization of $9.90 billion, a P/E ratio of 67.54, a P/E/G ratio of 2.28 and a beta of 0.41. Penumbra, Inc. has a one year low of $198.68 and a one year high of $310.00. The stock has a 50 day moving average price of $260.32 and a 200-day moving average price of $261.65.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results 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 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 company's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Penumbra from a "hold" rating to a "buy" rating in a research note on Saturday, October 11th. Needham & Company LLC set a $326.00 price objective on Penumbra and gave the company a "buy" rating in a research note on Wednesday, October 8th. Robert W. Baird boosted their price objective on Penumbra from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Weiss Ratings restated a "hold (c)" rating on shares of Penumbra in a research note on Wednesday, October 8th. Finally, UBS Group set a $335.00 price target on Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $302.81.

Insider Activity

In other news, Director Arani Bose sold 12,000 shares of the 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 directly owned 558 shares in the company, valued at approximately $139,862.70. This represents a 95.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Wilder sold 372 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $240.16, for a total value of $89,339.52. Following the transaction, the director owned 372 shares of the company's stock, valued at $89,339.52. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,610 shares of company stock worth $20,088,148. 4.20% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding PEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penumbra, Inc. (NYSE:PEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.