Penumbra (NYSE:PEN) Sets New 1-Year Low Following Insider Selling

Penumbra, Inc. (NYSE:PEN) hit a new 52-week low during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $288.28 and last traded at $292.36, with a volume of 520665 shares trading hands. The stock had previously closed at $296.91.

Specifically, Director Arani Bose sold 12,000 shares of the firm’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $298.73, for a total value of $3,584,760.00. Following the completion of the sale, the director now directly owns 302,819 shares in the company, valued at $90,461,119.87. This trade represents a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $300.01, for a total value of $180,006.00. Following the transaction, the executive vice president now owns 66,159 shares in the company, valued at $19,848,361.59. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

PEN has been the topic of several recent research reports. StockNews.com raised Penumbra from a “hold” rating to a “buy” rating in a research note on Thursday, April 24th. Stifel Nicolaus set a $318.00 target price on Penumbra and gave the stock a “buy” rating in a report on Thursday, April 24th. Piper Sandler restated an “overweight” rating and set a $330.00 target price (up from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. Bank of America started coverage on shares of Penumbra in a report on Friday, March 14th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Canaccord Genuity Group increased their target price on shares of Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $302.40.

Penumbra Price Performance

The firm has a market capitalization of $11.29 billion, a PE ratio of 857.65, a P/E/G ratio of 2.83 and a beta of 0.56. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. The stock has a fifty day moving average price of $276.82 and a 200-day moving average price of $256.96.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business had revenue of $324.14 million during the quarter, compared to the consensus estimate of $315.72 million. During the same period in the previous year, the company posted $0.41 earnings per share. The firm’s revenue was up 16.3% on a year-over-year basis. Sell-side analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Penumbra

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Synergy Investment Management LLC acquired a new stake in Penumbra in the 1st quarter worth approximately $27,000. First Horizon Advisors Inc. increased its position in shares of Penumbra by 404.8% in 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. UMB Bank n.a. raised its stake in Penumbra by 57.4% in the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after acquiring an additional 70 shares during the last quarter. Hurley Capital LLC acquired a new stake in Penumbra during the 4th quarter worth about $56,000. Finally, Huntington National Bank grew its stake in Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after purchasing an additional 154 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.