Allspring Global Investments Holdings LLC Raises Stake in Penumbra, Inc. $PEN

Allspring Global Investments Holdings LLC increased its position in Penumbra, Inc. (NYSE:PEN) by 0.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 322,030 shares of the company’s stock after acquiring an additional 984 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.83% of Penumbra worth $80,726,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Penumbra by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company’s stock worth $982,825,000 after buying an additional 24,727 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Penumbra by 437.0% during the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock worth $188,159,000 after purchasing an additional 572,606 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Penumbra by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 283,821 shares of the company’s stock worth $75,897,000 after buying an additional 12,247 shares during the period. Lord Abbett & CO. LLC purchased a new position in Penumbra during the 1st quarter valued at $63,731,000. Finally, Los Angeles Capital Management LLC increased its position in shares of Penumbra by 487.1% during the first quarter. Los Angeles Capital Management LLC now owns 179,550 shares of the company’s stock valued at $48,013,000 after buying an additional 148,968 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEN has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Penumbra in a research note on Wednesday, October 8th. Robert W. Baird raised their price objective on shares of Penumbra from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Morgan Stanley boosted their price target on Penumbra from $260.00 to $266.00 and gave the company an “equal weight” rating in a research note on Thursday, July 31st. Wells Fargo & Company set a $290.00 price target on shares of Penumbra in a report on Wednesday, October 1st. Finally, Citigroup lowered their price objective on shares of Penumbra from $320.00 to $285.00 and set a “neutral” rating for the company in a research report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Penumbra presently has an average rating of “Moderate Buy” and an average target price of $303.44.

Penumbra Stock Performance

Shares of PEN stock opened at $253.02 on Tuesday. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 52-week low of $198.68 and a 52-week high of $310.00. The business has a 50-day simple moving average of $259.47 and a 200-day simple moving average of $261.86. The stock has a market cap of $9.87 billion, a PE ratio of 67.29, a price-to-earnings-growth ratio of 2.35 and a beta of 0.41.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.05. The firm had revenue of $339.46 million during the quarter, compared to analyst estimates of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. On average, equities analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Insider Buying and Selling at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $270.58, for a total value of $162,348.00. Following the transaction, the executive vice president directly owned 64,857 shares of the company’s stock, valued at approximately $17,549,007.06. This trade represents a 0.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas Wilder sold 372 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $240.16, for a total value of $89,339.52. Following the completion of the transaction, the director owned 372 shares in the company, valued at approximately $89,339.52. This trade represents a 50.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,610 shares of company stock worth $20,088,148. 5.00% of the stock is currently owned by corporate insiders.

About Penumbra

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.