Belpointe Asset Management LLC Boosts Position in Penumbra, Inc. $PEN

Belpointe Asset Management LLC lifted its position in Penumbra, Inc. (NYSE:PEN) by 5.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,890 shares of the company’s stock after purchasing an additional 154 shares during the quarter. Belpointe Asset Management LLC’s holdings in Penumbra were worth $742,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PEN. JPMorgan Chase & Co. grew its holdings in shares of Penumbra by 437.0% in the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock valued at $188,159,000 after purchasing an additional 572,606 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Penumbra in the first quarter valued at about $63,731,000. Los Angeles Capital Management LLC grew its holdings in shares of Penumbra by 487.1% in the first quarter. Los Angeles Capital Management LLC now owns 179,550 shares of the company’s stock valued at $48,013,000 after purchasing an additional 148,968 shares during the period. Nuveen LLC purchased a new stake in shares of Penumbra in the first quarter valued at about $33,696,000. Finally, Woodline Partners LP grew its holdings in shares of Penumbra by 476.1% in the first quarter. Woodline Partners LP now owns 145,881 shares of the company’s stock valued at $39,010,000 after purchasing an additional 120,558 shares during the period. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Activity

In other news, Director Thomas Wilder sold 372 shares of Penumbra stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total value of $89,339.52. Following the completion of the sale, the director owned 372 shares of the company’s stock, valued at $89,339.52. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total value of $500,000.00. Following the sale, the chief financial officer directly owned 12,943 shares of the company’s stock, valued at approximately $3,235,750. This trade represents a 13.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,610 shares of company stock valued at $20,088,148 in the last 90 days. Insiders own 4.20% of the company’s stock.

Penumbra Trading Up 4.0%

PEN opened at $258.92 on Thursday. Penumbra, Inc. has a one year low of $192.54 and a one year high of $310.00. The company has a market cap of $10.10 billion, a P/E ratio of 68.86, a PEG ratio of 2.25 and a beta of 0.41. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. The business’s 50-day simple moving average is $258.68 and its 200-day simple moving average is $262.42.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Robert W. Baird upped their price target on Penumbra from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Evercore ISI decreased their price target on Penumbra from $300.00 to $285.00 and set an “outperform” rating on the stock in a research note on Tuesday. Wells Fargo & Company set a $290.00 price target on Penumbra in a research note on Wednesday, October 1st. Morgan Stanley upped 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. Finally, Citigroup decreased their target price on Penumbra from $320.00 to $285.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $303.44.

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.