Insider Selling: Penumbra, Inc. (NYSE:PEN) CEO Sells $4,035,889.70 in Stock

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 15,910 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $253.67, for a total value of $4,035,889.70. Following the transaction, the chief executive officer now owns 110,355 shares of the company’s stock, valued at $27,993,752.85. This trade represents a 12.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Adam Elsesser also recently made the following trade(s):

• On Wednesday, May 28th, Adam Elsesser sold 16,300 shares of Penumbra stock. The shares were sold at an average price of $267.91, for a total value of $4,366,933.00.
• On Wednesday, May 14th, Adam Elsesser sold 16,600 shares of Penumbra stock. The shares were sold at an average price of $298.22, for a total value of $4,950,452.00.
• On Wednesday, May 7th, Adam Elsesser sold 16,650 shares of Penumbra stock. The shares were sold at an average price of $289.37, for a total value of $4,818,010.50.
• On Wednesday, April 16th, Adam Elsesser sold 16,560 shares of Penumbra stock. The shares were sold at an average price of $274.35, for a total value of $4,543,236.00.
• On Wednesday, April 2nd, Adam Elsesser sold 16,565 shares of Penumbra stock. The shares were sold at an average price of $272.24, for a total value of $4,509,655.60.
• On Wednesday, March 19th, Adam Elsesser sold 16,600 shares of Penumbra stock. The shares were sold at an average price of $276.21, for a total value of $4,585,086.00.

Penumbra Trading Up 1.1%

PEN opened at $256.30 on Monday. The firm has a market cap of $9.93 billion, a price-to-earnings ratio of 753.82, a price-to-earnings-growth ratio of 2.83 and a beta of 0.49. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $310.00. The business’s 50 day moving average is $275.71 and its two-hundred day moving average is $267.43. 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 quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.66 by $0.17. The company had revenue of $324.14 million for the quarter, compared to analyst estimates of $315.72 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. The firm’s revenue was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. On average, research analysts predict that Penumbra, Inc. will post 3.67 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America assumed coverage on Penumbra in a research note on Friday, March 14th. They issued a “buy” rating and a $320.00 price objective for the company. Piper Sandler restated an “overweight” rating and set a $330.00 target price (up previously from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Canaccord Genuity Group boosted their target price on Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. boosted their target price on Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, BTIG Research restated a “buy” rating on shares of Penumbra in a research note on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and a consensus target price of $302.40.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Synergy Investment Management LLC acquired a new position in shares of Penumbra in the first quarter valued at approximately $27,000. First Horizon Advisors Inc. increased its holdings in shares of Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock valued at $28,000 after purchasing an additional 85 shares during the period. Hurley Capital LLC acquired a new position in shares of Penumbra in the fourth quarter valued at approximately $56,000. Huntington National Bank increased its holdings in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after purchasing an additional 154 shares during the period. Finally, AlphaQuest LLC acquired a new position in shares of Penumbra in the first quarter valued at approximately $66,000. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.