Pier 88 Investment Partners LLC Trims Stake in Penumbra, Inc. $PEN

Pier 88 Investment Partners LLC trimmed its position in Penumbra, Inc. (NYSE:PEN) by 87.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,880 shares of the company’s stock after selling 13,620 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Penumbra were worth $482,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Parkside Financial Bank & Trust increased its stake in shares of Penumbra by 70.2% during the second quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 66 shares during the period. AlphaQuest LLC purchased a new stake in Penumbra in the first quarter worth about $66,000. Caitong International Asset Management Co. Ltd bought a new position in Penumbra during the 1st quarter worth about $76,000. Spire Wealth Management purchased a new position in Penumbra during the 2nd quarter valued at about $91,000. Finally, Meeder Asset Management Inc. increased its position in Penumbra by 1,966.7% during the 1st quarter. Meeder Asset Management Inc. now owns 372 shares of the company’s stock valued at $99,000 after purchasing an additional 354 shares during the period. Institutional investors own 88.88% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. William Blair raised shares of Penumbra to a “strong-buy” rating in a research report on Friday, July 18th. Wells Fargo & Company set a $290.00 price objective on shares of Penumbra in a report on Wednesday, October 1st. Canaccord Genuity Group upped their target price on Penumbra from $350.00 to $355.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial dropped their target price on Penumbra from $310.00 to $300.00 and set a “buy” rating on the stock in a research report on Wednesday, October 15th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $326.00 price target on shares of Penumbra in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus price target of $305.69.

Insider Activity at Penumbra

In other Penumbra news, CFO Maggie Yuen sold 2,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $250.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer directly owned 12,943 shares in the company, valued at approximately $3,235,750. This trade represents a 13.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,900 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $254.53, for a total value of $4,047,027.00. Following the completion of the sale, the chief executive officer directly owned 170,280 shares of the company’s stock, valued at approximately $43,341,368.40. This represents a 8.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,802 shares of company stock worth $12,588,928 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Penumbra Price Performance

Shares of PEN opened at $266.25 on Friday. The company has a 50 day moving average of $255.94 and a two-hundred day moving average of $258.50. 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 twelve month low of $221.26 and a twelve month high of $310.00. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 70.81, a price-to-earnings-growth ratio of 2.10 and a beta of 0.51.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.07. The business had revenue of $354.69 million for the quarter, compared to the consensus estimate of $340.77 million. Penumbra had a return on equity of 11.55% and a net margin of 11.54%.The business’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 earnings per share. Penumbra has set its FY 2025 guidance at EPS. As a group, analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Penumbra Company 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.