Citigroup Inc. Grows Stock Holdings in Penumbra, Inc. $PEN

Citigroup Inc. grew its holdings in Penumbra, Inc. (NYSE:PEN) by 75.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,560 shares of the company’s stock after acquiring an additional 14,477 shares during the period. Citigroup Inc. owned about 0.09% of Penumbra worth $8,501,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PEN. Vanguard Group Inc. increased its stake in Penumbra by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company’s stock worth $990,760,000 after buying an additional 185,306 shares during the period. Geode Capital Management LLC grew its stake in shares of Penumbra by 2.6% during the second quarter. Geode Capital Management LLC now owns 706,404 shares of the company’s stock valued at $181,314,000 after acquiring an additional 17,772 shares in the last quarter. Invesco Ltd. increased its position in shares of Penumbra by 1,139.3% during the second quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock worth $162,571,000 after acquiring an additional 582,369 shares during the last quarter. Norges Bank acquired a new position in shares of Penumbra in the second quarter worth about $114,014,000. Finally, Thrivent Financial for Lutherans boosted its holdings in Penumbra by 13.7% in the third quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company’s stock valued at $92,984,000 after purchasing an additional 44,185 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Penumbra Price Performance

Shares of NYSE:PEN opened at $344.32 on Monday. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $335.63 and a 200 day simple moving average of $292.38. Penumbra, Inc. has a fifty-two week low of $221.26 and a fifty-two week high of $362.41. The company has a market cap of $13.51 billion, a PE ratio of 76.18, a P/E/G ratio of 2.11 and a beta of 0.81.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, March 3rd. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.12 by $0.06. The company had revenue of $385.39 million during the quarter, compared to analyst estimates of $367.18 million. Penumbra had a return on equity of 11.41% and a net margin of 12.66%.The business’s revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 earnings per share. On average, sell-side analysts anticipate that Penumbra, Inc. will post 3.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PEN. Royal Bank Of Canada downgraded Penumbra from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $355.00 to $374.00 in a report on Tuesday, January 20th. Robert W. Baird reissued a “neutral” rating and set a $374.00 price target (up from $345.00) on shares of Penumbra in a research report on Friday, January 16th. Truist Financial cut shares of Penumbra from a “buy” rating to a “hold” rating and upped their price target for the company from $370.00 to $374.00 in a report on Friday, January 16th. UBS Group reiterated a “neutral” rating and set a $374.00 price objective on shares of Penumbra in a research note on Thursday. Finally, Bank of America raised their price objective on shares of Penumbra from $320.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, Penumbra presently has an average rating of “Hold” and a consensus price target of $361.69.

Insider Buying and Selling

In related news, Director Thomas Wilder sold 186 shares of Penumbra stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $310.72, for a total value of $57,793.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harpreet Grewal sold 186 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $312.64, for a total transaction of $58,151.04. Following the transaction, the director directly owned 8,230 shares of the company’s stock, valued at $2,573,027.20. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 15,772 shares of company stock valued at $4,867,582 over the last three months. Corporate insiders own 5.00% of the company’s stock.

Penumbra 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.