California Public Employees Retirement System Sells 4,323 Shares of Penumbra, Inc. (NYSE:PEN)

California Public Employees Retirement System lowered its position in Penumbra, Inc. (NYSE:PEN) by 6.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,008 shares of the company’s stock after selling 4,323 shares during the period. California Public Employees Retirement System’s holdings in Penumbra were worth $16,352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Jennison Associates LLC bought a new position in Penumbra in the 4th quarter valued at $7,503,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Penumbra by 19.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after buying an additional 42,876 shares during the last quarter. Aigen Investment Management LP acquired a new position in Penumbra during the 3rd quarter worth about $209,000. QRG Capital Management Inc. bought a new stake in Penumbra during the 3rd quarter worth about $424,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in Penumbra in the 3rd quarter valued at about $508,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Price Performance

PEN opened at $201.94 on Tuesday. The stock has a market cap of $7.83 billion, a P/E ratio of 87.42, a P/E/G ratio of 2.02 and a beta of 0.51. Penumbra, Inc. has a 12 month low of $180.93 and a 12 month high of $348.67. The company has a quick ratio of 3.49, a current ratio of 6.06 and a debt-to-equity ratio of 0.02. The company has a fifty day simple moving average of $226.70 and a 200 day simple moving average of $231.91.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Penumbra had a return on equity of 7.49% and a net margin of 8.59%. The company had revenue of $284.68 million during the quarter, compared to the consensus estimate of $286.62 million. During the same period in the prior year, the company earned $0.16 earnings per share. The company’s revenue for the quarter was up 28.7% compared to the same quarter last year. On average, research analysts expect that Penumbra, Inc. will post 2.85 EPS for the current year.

Insider Buying and Selling

In other Penumbra news, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $223.18, for a total value of $37,940.60. Following the transaction, the director now owns 1,175 shares of the company’s stock, valued at $262,236.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $217.07, for a total transaction of $130,242.00. Following the completion of the transaction, the executive vice president now directly owns 64,281 shares of the company’s stock, valued at $13,953,476.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Don W. Kassing sold 170 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $223.18, for a total value of $37,940.60. Following the transaction, the director now owns 1,175 shares of the company’s stock, valued at $262,236.50. The disclosure for this sale can be found here. In the last three months, insiders sold 9,648 shares of company stock valued at $2,369,903. 5.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PEN shares. Royal Bank of Canada restated an “outperform” rating and issued a $289.00 price objective on shares of Penumbra in a research report on Friday, February 23rd. Truist Financial dropped their target price on Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. TheStreet upgraded Penumbra from a “d+” rating to a “c-” rating in a report on Friday, January 12th. Piper Sandler reissued an “overweight” rating and set a $290.00 price objective on shares of Penumbra in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Penumbra from an “overweight” rating to a “neutral” rating and cut their target price for the company from $284.00 to $250.00 in a research report on Friday, February 23rd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.45.

Penumbra 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.