Primecap Management Co. CA Cuts Position in Penumbra, Inc. (NYSE:PEN)

Primecap Management Co. CA lowered its stake in shares of Penumbra, Inc. (NYSE:PEN) by 21.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 30,730 shares of the company’s stock after selling 8,550 shares during the period. Primecap Management Co. CA’s holdings in Penumbra were worth $7,298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PEN. FMR LLC lifted its position in shares of Penumbra by 2.1% during the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after acquiring an additional 121,465 shares during the period. Champlain Investment Partners LLC increased its stake in Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after purchasing an additional 264,122 shares in the last quarter. State Street Corp raised its holdings in Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after purchasing an additional 3,863 shares during the last quarter. RTW Investments LP boosted its position in Penumbra by 7.2% during the third quarter. RTW Investments LP now owns 795,750 shares of the company’s stock worth $154,622,000 after purchasing an additional 53,645 shares in the last quarter. Finally, Baillie Gifford & Co. grew its holdings in Penumbra by 23.4% in the fourth quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after purchasing an additional 138,387 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the transaction, the chief executive officer now directly owns 837,582 shares of the company’s stock, valued at $203,498,922.72. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Harpreet Grewal sold 167 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now directly owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,918 shares of company stock valued at $22,054,293 in the last ninety days. Company insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PEN shares. JPMorgan Chase & Co. boosted their price objective on shares of Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Piper Sandler reaffirmed an “overweight” rating and issued a $330.00 price target (up previously from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. BTIG Research raised their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. UBS Group upped their target price on Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada raised their price target on Penumbra from $285.00 to $313.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $294.47.

Penumbra Stock Up 1.8 %

PEN opened at $280.26 on Thursday. The stock has a market capitalization of $10.79 billion, a price-to-earnings ratio of 824.31, a price-to-earnings-growth ratio of 2.83 and a beta of 0.51. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $310.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The business has a 50-day moving average of $271.61 and a two-hundred day moving average of $239.21.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The firm had revenue of $315.52 million during the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. On average, research analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

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.