Arrowstreet Capital Limited Partnership Invests $10.10 Million in Penumbra, Inc. $PEN

Arrowstreet Capital Limited Partnership bought a new position in shares of Penumbra, Inc. (NYSE:PEN) in the second quarter, Holdings Channel reports. The institutional investor bought 39,358 shares of the company’s stock, valued at approximately $10,100,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Penumbra by 5.0% during the second quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company’s stock worth $990,760,000 after buying an additional 185,306 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Penumbra by 2.6% in the 2nd quarter. Geode Capital Management LLC now owns 706,404 shares of the company’s stock worth $181,314,000 after acquiring an additional 17,772 shares in the last quarter. JPMorgan Chase & Co. grew its position in Penumbra by 437.0% during the 1st quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock worth $188,159,000 after acquiring an additional 572,606 shares during the last quarter. Norges Bank bought a new stake in Penumbra during the 2nd quarter worth approximately $114,014,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Penumbra by 0.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 322,030 shares of the company’s stock valued at $80,726,000 after purchasing an additional 984 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Arani Bose sold 7,500 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $290.56, for a total transaction of $2,179,200.00. Following the transaction, the director owned 282,761 shares in the company, valued at approximately $82,159,036.16. This trade represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harpreet Grewal sold 186 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $248.61, for a total value of $46,241.46. Following the transaction, the director owned 8,702 shares of the company’s stock, valued at $2,163,404.22. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 19,744 shares of company stock valued at $5,755,174. 5.00% of the stock is currently owned by company insiders.

Penumbra Price Performance

PEN opened at $287.11 on Wednesday. The company has a fifty day moving average price of $265.68 and a two-hundred day moving average price of $258.25. The firm has a market capitalization of $11.24 billion, a PE ratio of 68.69, a P/E/G ratio of 2.43 and a beta of 0.66. Penumbra, Inc. has a 52 week low of $221.26 and a 52 week high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.18 and a current ratio of 6.73.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.07. Penumbra had a return on equity of 11.35% and a net margin of 12.30%.The company had revenue of $354.69 million for the quarter, compared to the consensus estimate of $340.77 million. During the same quarter in the prior year, the business posted $0.85 EPS. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. As a group, analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wall Street Zen lowered Penumbra from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Wells Fargo & Company began coverage on shares of Penumbra in a research report on Tuesday, November 18th. They set an “underweight” rating on the stock. Evercore ISI restated an “outperform” rating and issued a $286.00 price objective on shares of Penumbra in a research report on Thursday, November 6th. JPMorgan Chase & Co. boosted their target price on shares of Penumbra from $265.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Finally, Truist Financial decreased their price target on shares of Penumbra from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and an average price target of $305.69.

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.