KLP Kapitalforvaltning AS Invests $1.78 Million in Penumbra, Inc. (NYSE:PEN)

KLP Kapitalforvaltning AS bought a new position in Penumbra, Inc. (NYSE:PEN) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 7,500 shares of the company’s stock, valued at approximately $1,781,000.

Other hedge funds have also bought and sold shares of the company. FMR LLC grew its holdings in shares of Penumbra by 2.1% during the third quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after buying an additional 121,465 shares during the last quarter. State Street Corp lifted its position in Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after acquiring an additional 3,863 shares in the last quarter. RTW Investments LP boosted its stake in Penumbra by 7.2% during the 3rd quarter. RTW Investments LP now owns 795,750 shares of the company’s stock valued at $154,622,000 after purchasing an additional 53,645 shares during the last quarter. Baillie Gifford & Co. increased its holdings in Penumbra by 23.4% during the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after purchasing an additional 138,387 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Penumbra by 128.1% in the third quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock worth $129,967,000 after purchasing an additional 375,684 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PEN. Piper Sandler reiterated an “overweight” rating and set a $330.00 price target (up previously from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. Truist Financial upped 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 raised their price target on shares of Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Royal Bank of Canada upped their price objective on shares of Penumbra from $285.00 to $313.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Finally, StockNews.com cut shares of Penumbra from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and an average price target of $294.47.

Penumbra Price Performance

NYSE PEN opened at $268.89 on Friday. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02. The company has a market cap of $10.36 billion, a PE ratio of 790.84, a price-to-earnings-growth ratio of 2.83 and a beta of 0.51. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $310.00. The firm’s 50-day simple moving average is $274.49 and its two-hundred day simple moving average is $242.13.

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

Insider Transactions at Penumbra

In other news, Director Arani Bose sold 12,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $283.77, for a total value of $3,405,240.00. Following the sale, the director now directly owns 314,819 shares of the company’s stock, valued at approximately $89,336,187.63. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 16,600 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $276.21, for a total transaction of $4,585,086.00. Following the completion of the transaction, the chief executive officer now directly owns 27,752 shares of the company’s stock, valued at approximately $7,665,379.92. The trade was a 37.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 93,518 shares of company stock valued at $26,400,219 over the last three months. Company 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.