Corient Private Wealth LLC Boosts Stock Position in Penumbra, Inc. (NYSE:PEN)

Corient Private Wealth LLC increased its stake in Penumbra, Inc. (NYSE:PEN) by 3.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,695 shares of the company’s stock after buying an additional 61 shares during the period. Corient Private Wealth LLC’s holdings in Penumbra were worth $403,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEN. China Universal Asset Management Co. Ltd. purchased a new position in Penumbra in the 4th quarter valued at approximately $573,000. State Street Corp raised its holdings in shares of Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after acquiring an additional 3,863 shares in the last quarter. E. Ohman J or Asset Management AB grew its holdings in shares of Penumbra by 10.4% during the fourth quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock worth $5,061,000 after purchasing an additional 2,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Penumbra by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 271,574 shares of the company’s stock worth $64,493,000 after purchasing an additional 3,807 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Penumbra by 1.7% during the third quarter. Geode Capital Management LLC now owns 655,572 shares of the company’s stock valued at $127,417,000 after purchasing an additional 11,257 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Stock Performance

NYSE PEN opened at $267.16 on Friday. The business has a 50 day simple moving average of $274.55 and a two-hundred day simple moving average of $242.90. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $310.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The stock has a market capitalization of $10.29 billion, a PE ratio of 785.75, a P/E/G ratio of 2.83 and a beta of 0.51.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. On average, research analysts predict that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 61,600 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $283.59, for a total transaction of $17,469,144.00. Following the transaction, the chief executive officer now directly owns 16,376 shares in the company, valued at $4,644,069.84. This represents a 79.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $286.00, for a total transaction of $572,000.00. Following the completion of the sale, the chief financial officer now directly owns 15,243 shares of the company’s stock, valued at $4,359,498. The trade was a 11.60 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 93,518 shares of company stock valued at $26,400,219. Insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. UBS Group upped their price target on shares of Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Piper Sandler restated an “overweight” rating and issued a $330.00 price objective (up from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. Oppenheimer began coverage on Penumbra in a report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley increased their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $294.47.

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.