Allspring Global Investments Holdings LLC Sells 6,471 Shares of Penumbra, Inc. $PEN

Allspring Global Investments Holdings LLC decreased its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 1.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 358,626 shares of the company’s stock after selling 6,471 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.92% of Penumbra worth $110,966,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEN. Invesco Ltd. lifted its stake in shares of Penumbra by 1,139.3% during the 2nd quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock worth $162,571,000 after buying an additional 582,369 shares during the last quarter. Norges Bank acquired a new position in Penumbra in the 2nd quarter valued at about $114,014,000. Holocene Advisors LP acquired a new position in Penumbra in the 3rd quarter valued at about $78,585,000. Qube Research & Technologies Ltd bought a new position in Penumbra in the 2nd quarter valued at about $53,818,000. Finally, Man Group plc raised its holdings in Penumbra by 1,862.2% in the 2nd quarter. Man Group plc now owns 206,461 shares of the company’s stock valued at $52,984,000 after acquiring an additional 195,939 shares during the period. 88.88% of the stock is owned by institutional investors.

Penumbra Trading Up 0.0%

Shares of NYSE:PEN opened at $328.22 on Wednesday. The business’s 50 day simple moving average is $342.23 and its 200 day simple moving average is $302.98. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 4.29. The company has a market capitalization of $12.88 billion, a P/E ratio of 72.61, a P/E/G ratio of 2.02 and a beta of 0.81.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49). Penumbra had a net margin of 12.66% and a return on equity of 11.41%. The company had revenue of $385.39 million for the quarter, compared to the consensus estimate of $367.18 million. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue was up 22.2% compared to the same quarter last year. On average, research analysts anticipate that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PEN. JPMorgan Chase & Co. raised Penumbra from a “neutral” rating to an “overweight” rating and upped their target price for the company from $275.00 to $370.00 in a research report on Thursday, December 18th. Piper Sandler cut Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 price target for the company. in a report on Thursday, January 15th. Citigroup lowered Penumbra from a “buy” rating to a “neutral” rating and upped their price objective for the company from $350.00 to $374.00 in a report on Thursday, January 15th. Royal Bank Of Canada cut Penumbra from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from $355.00 to $374.00 in a research report on Tuesday, January 20th. Finally, William Blair downgraded Penumbra from an “outperform” rating to a “market perform” rating in a report on Thursday, January 15th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $361.69.

Insider Buying and Selling

In other Penumbra news, CFO Maggie Yuen sold 2,432 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $342.30, for a total transaction of $832,473.60. Following the sale, the chief financial officer directly owned 18,353 shares in the company, valued at $6,282,231.90. This represents a 11.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas Wilder sold 186 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $310.72, for a total transaction of $57,793.92. The SEC filing for this sale provides additional information. Insiders sold 2,804 shares of company stock valued at $948,419 over the last quarter. 5.00% of the stock is owned by company insiders.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.