Bridgewater Associates LP Decreases Position in Penumbra, Inc. (NYSE:PEN)

Bridgewater Associates LP lowered its stake in Penumbra, Inc. (NYSE:PEN) by 31.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,990 shares of the company’s stock after selling 1,799 shares during the quarter. Bridgewater Associates LP’s holdings in Penumbra were worth $948,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. UMB Bank n.a. lifted its position in shares of Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after purchasing an additional 70 shares in the last quarter. Hurley Capital LLC acquired a new stake in shares of Penumbra during the fourth quarter valued at about $56,000. Huntington National Bank increased its position in shares of Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after acquiring an additional 154 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after acquiring an additional 208 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Penumbra by 25.0% in the fourth quarter. Jones Financial Companies Lllp now owns 375 shares of the company’s stock valued at $89,000 after purchasing an additional 75 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PEN has been the topic of a number of recent analyst reports. StockNews.com lowered Penumbra from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Piper Sandler reissued an “overweight” rating and set a $330.00 price objective (up from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. UBS Group upped their target price on shares of Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday, February 19th. Finally, Canaccord Genuity Group lifted their target price on Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and an average price target of $293.93.

Penumbra Stock Performance

Shares of PEN opened at $276.62 on Friday. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $310.00. The firm has a market capitalization of $10.70 billion, a PE ratio of 813.60, a P/E/G ratio of 2.83 and a beta of 0.56. The firm has a 50-day moving average price of $275.47 and a 200 day moving average price of $251.25. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02.

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

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 61,600 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $283.59, for a total transaction of $17,469,144.00. Following the sale, the chief executive officer now directly owns 16,376 shares of the company’s stock, valued at $4,644,069.84. The trade was a 79.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lambert Shiu sold 501 shares of Penumbra stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $282.88, for a total value of $141,722.88. Following the completion of the transaction, the chief accounting officer now directly owns 32,969 shares in the company, valued at $9,326,270.72. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,846 shares of company stock valued at $35,779,187 in the last quarter. Insiders own 5.00% 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.