Arizona State Retirement System Acquires 216 Shares of Penumbra, Inc. (NYSE:PEN)

Arizona State Retirement System raised its stake in Penumbra, Inc. (NYSE:PEN) by 2.1% in the second quarter, Holdings Channel reports. The fund owned 10,293 shares of the company’s stock after purchasing an additional 216 shares during the quarter. Arizona State Retirement System’s holdings in Penumbra were worth $1,852,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PEN. Benjamin F. Edwards & Company Inc. increased its position in Penumbra by 171.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock worth $27,000 after purchasing an additional 67 shares in the last quarter. Mather Group LLC. bought a new stake in shares of Penumbra during the first quarter worth $29,000. Quest Partners LLC acquired a new position in shares of Penumbra during the fourth quarter worth $71,000. WASHINGTON TRUST Co bought a new position in shares of Penumbra in the 2nd quarter valued at $54,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Penumbra during the 1st quarter valued at $89,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Price Performance

Shares of PEN opened at $204.12 on Wednesday. The firm has a market cap of $7.93 billion, a PE ratio of 86.13, a price-to-earnings-growth ratio of 2.28 and a beta of 0.54. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $302.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. The business’s 50 day moving average price is $188.27 and its two-hundred day moving average price is $201.22.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. The business had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. Penumbra’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 earnings per share. On average, equities analysts anticipate that Penumbra, Inc. will post 2.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PEN. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $289.00 to $150.00 in a report on Wednesday, July 31st. Robert W. Baird lowered their price objective on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Canaccord Genuity Group cut their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Truist Financial reaffirmed a “buy” rating and set a $200.00 price target (down previously from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.27.

Insider Activity at Penumbra

In other Penumbra news, Director Don W. Kassing sold 170 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $179.99, for a total value of $30,598.30. Following the transaction, the director now owns 1,005 shares in the company, valued at $180,889.95. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Don W. Kassing sold 170 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $179.99, for a total transaction of $30,598.30. Following the completion of the sale, the director now owns 1,005 shares in the company, valued at approximately $180,889.95. The disclosure for this sale can be found here. Insiders sold 19,372 shares of company stock valued at $3,888,852 in the last three months. Corporate 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.