Retirement Systems of Alabama Increases Stock Position in Penumbra, Inc. (NYSE:PEN)

Retirement Systems of Alabama lifted its holdings in Penumbra, Inc. (NYSE:PEN) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,340 shares of the company’s stock after buying an additional 347 shares during the quarter. Retirement Systems of Alabama’s holdings in Penumbra were worth $12,159,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. RiverPark Advisors LLC purchased a new stake in shares of Penumbra in the third quarter worth $42,000. Signaturefd LLC boosted its stake in Penumbra by 27.2% in the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Covestor Ltd grew its position in Penumbra by 357.9% during the 3rd quarter. Covestor Ltd now owns 348 shares of the company’s stock valued at $84,000 after purchasing an additional 272 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Penumbra by 496.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 358 shares of the company’s stock valued at $90,000 after purchasing an additional 298 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in Penumbra by 13.9% in the fourth quarter. Fifth Third Bancorp now owns 378 shares of the company’s stock worth $95,000 after buying an additional 46 shares during the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEN has been the topic of a number of recent analyst reports. Truist Financial cut their price target on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. JPMorgan Chase & Co. downgraded Penumbra from an “overweight” rating to a “neutral” rating and cut their target price for the company from $284.00 to $250.00 in a research note on Friday, February 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $284.00 target price on shares of Penumbra in a report on Friday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $290.00 price target on shares of Penumbra in a report on Wednesday, April 3rd. Finally, TheStreet upgraded Penumbra from a “d+” rating to a “c-” rating in a report on Friday, January 12th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $304.45.

Penumbra Stock Performance

PEN opened at $205.29 on Thursday. Penumbra, Inc. has a 12-month low of $180.93 and a 12-month high of $348.67. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 88.87, a PEG ratio of 1.94 and a beta of 0.57. The company has a current ratio of 6.06, a quick ratio of 3.49 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average is $224.20 and its 200 day moving average is $231.72.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. The business had revenue of $284.68 million for the quarter, compared to analysts’ expectations of $286.62 million. Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The company’s revenue was up 28.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 EPS. On average, equities research analysts predict that Penumbra, Inc. will post 2.85 EPS for the current year.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $237.68, for a total value of $142,608.00. Following the transaction, the executive vice president now owns 62,997 shares of the company’s stock, valued at $14,973,126.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Don W. Kassing sold 778 shares of Penumbra stock in a transaction on Friday, March 1st. The shares were sold at an average price of $234.72, for a total transaction of $182,612.16. Following the transaction, the director now owns 1,345 shares in the company, valued at approximately $315,698.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $237.68, for a total value of $142,608.00. Following the completion of the sale, the executive vice president now owns 62,997 shares of the company’s stock, valued at approximately $14,973,126.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,648 shares of company stock valued at $2,369,903. Company insiders own 5.30% of the company’s stock.

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.