Jain Global LLC Raises Holdings in Penumbra, Inc. $PEN

Jain Global LLC increased its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 229.0% in the third quarter, Holdings Channel reports. The firm owned 32,547 shares of the company’s stock after buying an additional 22,654 shares during the period. Jain Global LLC’s holdings in Penumbra were worth $8,245,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its stake in shares of Penumbra by 13.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company’s stock worth $92,984,000 after purchasing an additional 44,185 shares during the period. New York State Common Retirement Fund lifted its stake in shares of Penumbra by 8.7% in the third quarter. New York State Common Retirement Fund now owns 82,849 shares of the company’s stock valued at $20,987,000 after purchasing an additional 6,642 shares during the period. First Trust Advisors LP boosted its holdings in Penumbra by 4.0% during the second quarter. First Trust Advisors LP now owns 100,723 shares of the company’s stock worth $25,849,000 after buying an additional 3,906 shares in the last quarter. Wesbanco Bank Inc. purchased a new stake in Penumbra during the third quarter worth about $1,900,000. Finally, Russell Investments Group Ltd. grew its position in Penumbra by 22.9% during the second quarter. Russell Investments Group Ltd. now owns 26,604 shares of the company’s stock worth $6,827,000 after buying an additional 4,960 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Trading Down 0.0%

PEN stock opened at $336.06 on Tuesday. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.19 billion, a price-to-earnings ratio of 74.35, a PEG ratio of 2.06 and a beta of 0.81. The business has a fifty day simple moving average of $340.81 and a 200-day simple moving average of $298.45. Penumbra, Inc. has a 52 week low of $221.26 and a 52 week high of $362.41.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49). The firm had revenue of $385.39 million for the quarter, compared to analysts’ expectations of $367.18 million. Penumbra had a net margin of 12.66% and a return on equity of 11.41%. Penumbra’s revenue was up 22.2% on a year-over-year basis. During the same period last year, the firm posted $0.97 EPS. On average, equities research analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PEN shares. UBS Group reaffirmed a “neutral” rating and issued a $374.00 price objective on shares of Penumbra in a research note on Thursday, February 26th. BTIG Research downgraded Penumbra from a “buy” rating to a “neutral” rating and set a $349.00 target price on the stock. in a research report on Thursday, January 15th. JPMorgan Chase & Co. upgraded Penumbra from a “neutral” rating to an “overweight” rating and raised their price target for the company from $275.00 to $370.00 in a research report on Thursday, December 18th. William Blair downgraded Penumbra from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 15th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $374.00 price objective (up from $345.00) on shares of Penumbra in a research report on Friday, January 16th. Four research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $361.69.

Insider Activity

In other news, CFO Maggie Yuen sold 2,432 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the completion of the sale, the chief financial officer owned 18,353 shares in the company, valued at approximately $6,282,231.90. The trade was a 11.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harpreet Grewal sold 186 shares of the 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 sale, the director directly owned 8,230 shares of the company’s stock, valued at approximately $2,573,027.20. This trade represents a 2.21% 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 valued at $948,419 in the last three months. 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.