Clearbridge Investments LLC Sells 46,104 Shares of Penumbra, Inc. (NYSE:PEN)

Clearbridge Investments LLC lessened its stake in shares of Penumbra, Inc. (NYSE:PEN) by 6.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 663,948 shares of the company’s stock after selling 46,104 shares during the quarter. Clearbridge Investments LLC owned about 1.73% of Penumbra worth $157,674,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PEN. State Street Corp lifted its position in Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after purchasing an additional 3,863 shares during the period. RTW Investments LP lifted its holdings in shares of 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 buying an additional 53,645 shares during the period. Baillie Gifford & Co. boosted its stake in shares of Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after buying an additional 138,387 shares during the last quarter. Janus Henderson Group PLC grew its holdings 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 acquiring an additional 375,684 shares during the period. Finally, Geode Capital Management LLC increased its position in Penumbra by 1.7% during the third quarter. Geode Capital Management LLC now owns 655,572 shares of the company’s stock valued at $127,417,000 after acquiring an additional 11,257 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 61,600 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $283.59, for a total value of $17,469,144.00. Following the completion of the transaction, the chief executive officer now directly owns 16,376 shares of the company’s stock, valued at approximately $4,644,069.84. This trade represents a 79.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction on 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 directly owns 8,530 shares in the company, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,518 shares of company stock valued at $26,400,219. 5.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PEN. UBS Group raised their target price on Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Truist Financial boosted their target price on shares of Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Piper Sandler reiterated an “overweight” rating and issued a $330.00 price target (up from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. Citigroup boosted their price objective 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Wednesday, February 19th. Four investment 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 stock. According to MarketBeat.com, Penumbra currently has a consensus rating of “Moderate Buy” and a consensus price target of $294.47.

Penumbra Trading Down 0.9 %

Shares of PEN opened at $267.16 on Monday. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $310.00. The company has a 50 day simple moving average of $274.55 and a two-hundred day simple moving average of $243.18. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The firm has a market cap of $10.29 billion, a P/E ratio of 785.75, a price-to-earnings-growth ratio of 2.83 and a beta of 0.51.

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

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.