Merit Financial Group LLC Invests $207,000 in Penumbra, Inc. (NYSE:PEN)

Merit Financial Group LLC purchased a new position in shares of Penumbra, Inc. (NYSE:PEN) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 775 shares of the company’s stock, valued at approximately $207,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hurley Capital LLC bought a new stake in shares of Penumbra during the 4th quarter valued at $56,000. Huntington National Bank raised its position in shares of 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 period. Versant Capital Management Inc raised its position in shares of Penumbra by 893.5% during the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company’s stock valued at $82,000 after purchasing an additional 277 shares during the period. Jones Financial Companies Lllp raised its position in shares of Penumbra by 25.0% during the 4th quarter. Jones Financial Companies Lllp now owns 375 shares of the company’s stock valued at $89,000 after purchasing an additional 75 shares during the period. Finally, Quadrant Capital Group LLC raised its position in shares of Penumbra by 6.6% during the 4th quarter. Quadrant Capital Group LLC now owns 632 shares of the company’s stock valued at $150,000 after purchasing an additional 39 shares during the period. 88.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $258.17, for a total transaction of $154,902.00. Following the completion of the transaction, the executive vice president now directly owns 64,714 shares of the company’s stock, valued at approximately $16,707,213.38. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 16,300 shares of Penumbra stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $267.91, for a total transaction of $4,366,933.00. Following the transaction, the chief executive officer now directly owns 98,289 shares of the company’s stock, valued at approximately $26,332,605.99. This represents a 14.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,845 shares of company stock valued at $36,359,981. Company insiders own 4.20% of the company’s stock.

Penumbra Stock Performance

Penumbra stock opened at $252.80 on Friday. The company’s 50-day moving average price is $275.71 and its 200-day moving average price is $267.06. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $310.00. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02. The company has a market cap of $9.79 billion, a PE ratio of 743.53, a price-to-earnings-growth ratio of 2.83 and a beta of 0.49.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share 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 firm had revenue of $324.14 million for the quarter, compared to the consensus estimate of $315.72 million. During the same period in the previous year, the firm posted $0.41 EPS. The business’s quarterly revenue was up 16.3% on a year-over-year basis. On average, equities research analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PEN. Piper Sandler restated an “overweight” rating and set a $330.00 price objective (up from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. Canaccord Genuity Group raised their price objective on shares of Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Robert W. Baird boosted their price target on shares of Penumbra from $316.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Wells Fargo & Company increased their price objective on shares of Penumbra from $305.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Finally, BTIG Research restated a “buy” rating on shares of Penumbra in a research report on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $302.40.

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.