Jain Global LLC Boosts Stock Position in Penumbra, Inc. $PEN

Jain Global LLC grew its holdings in Penumbra, Inc. (NYSE:PEN) by 229.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,547 shares of the company’s stock after purchasing an additional 22,654 shares during the period. Jain Global LLC owned about 0.08% of Penumbra worth $8,245,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PEN. Mather Group LLC. bought a new stake in Penumbra during the 3rd quarter valued at about $25,000. Newbridge Financial Services Group Inc. bought a new position in Penumbra in the 2nd quarter worth about $30,000. Rothschild Investment LLC purchased a new position in shares of Penumbra during the third quarter worth approximately $40,000. Covestor Ltd increased its position in shares of Penumbra by 53.0% during the third quarter. Covestor Ltd now owns 179 shares of the company’s stock worth $46,000 after acquiring an additional 62 shares during the period. Finally, True Wealth Design LLC raised its stake in shares of Penumbra by 68.7% during the third quarter. True Wealth Design LLC now owns 253 shares of the company’s stock valued at $64,000 after acquiring an additional 103 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Penumbra Stock Down 0.0%

Shares of PEN stock opened at $336.06 on Tuesday. The stock’s 50-day simple moving average is $340.81 and its 200-day simple moving average is $298.45. The firm has a market capitalization of $13.19 billion, a PE ratio of 74.35, a P/E/G ratio of 2.06 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.29 and a current ratio of 6.64. Penumbra, Inc. has a fifty-two week low of $221.26 and a fifty-two week high of $362.41.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, February 25th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of $1.12 by ($1.49). The company had revenue of $385.39 million for 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 firm’s revenue was up 22.2% on a year-over-year basis. During the same period last year, the business earned $0.97 earnings per share. Equities analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Truist Financial cut Penumbra from a “buy” rating to a “hold” rating and increased their price objective for the stock from $370.00 to $374.00 in a research note on Friday, January 16th. JPMorgan Chase & Co. raised Penumbra from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $275.00 to $370.00 in a research report on Thursday, December 18th. Piper Sandler cut shares of Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 target price on the stock. in a report on Thursday, January 15th. Evercore reissued an “outperform” rating and set a $360.00 target price on shares of Penumbra in a research report on Wednesday, February 25th. Finally, Bank of America upped their price target on shares of Penumbra from $320.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, Penumbra has an average rating of “Hold” and an average price target of $361.69.

Insider Activity

In related news, Director Harpreet Grewal sold 186 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $312.64, for a total transaction of $58,151.04. Following the completion of the sale, the director directly owned 8,230 shares in the company, valued at approximately $2,573,027.20. The trade was a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Maggie Yuen sold 2,432 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was 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 of the company’s stock, valued at $6,282,231.90. The trade was a 11.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,804 shares of company stock worth $948,419 in the last quarter. Corporate insiders own 4.20% 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.