New York State Common Retirement Fund Cuts Stock Position in Penumbra, Inc. (NYSE:PEN)

New York State Common Retirement Fund cut its position in shares of Penumbra, Inc. (NYSE:PEN) by 0.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 61,190 shares of the company’s stock after selling 409 shares during the period. New York State Common Retirement Fund’s holdings in Penumbra were worth $14,531,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. CIBC Asset Management Inc raised its stake in shares of Penumbra by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,183 shares of the company’s stock worth $281,000 after acquiring an additional 61 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Penumbra by 23.4% during the 4th 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. Rhumbline Advisers raised its position in Penumbra by 0.8% in the 4th quarter. Rhumbline Advisers now owns 110,386 shares of the company’s stock worth $26,214,000 after purchasing an additional 849 shares during the period. New York State Teachers Retirement System lifted its stake in Penumbra by 0.4% in the fourth quarter. New York State Teachers Retirement System now owns 37,654 shares of the company’s stock worth $8,942,000 after purchasing an additional 148 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Penumbra by 39.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 299,397 shares of the company’s stock valued at $71,831,000 after buying an additional 85,284 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Stock Performance

Penumbra stock opened at $292.52 on Monday. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $310.00. The stock has a market cap of $11.27 billion, a price-to-earnings ratio of 860.35, a PEG ratio of 2.83 and a beta of 0.53. The stock’s 50 day simple moving average is $259.09 and its two-hundred day simple moving average is $228.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The company had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. As a group, analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares of the company’s stock, valued at $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction 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. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,219 shares of company stock valued at $4,426,439 in the last three months. 5.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PEN. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Wednesday, February 19th. Piper Sandler reissued an “overweight” rating and set a $330.00 price objective (up previously from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Truist Financial lifted their target price on shares of Penumbra from $285.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Citigroup upped their price target on shares of Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Finally, UBS Group raised their price target on shares of Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

About Penumbra

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.