Penumbra, Inc. (NYSE:PEN) Sees Significant Decline in Short Interest

Penumbra, Inc. (NYSE:PEN) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 1,360,000 shares, a decline of 19.0% from the February 13th total of 1,680,000 shares. Based on an average daily trading volume, of 448,500 shares, the short-interest ratio is currently 3.0 days. Approximately 3.7% of the shares of the company are short sold.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the transaction, the chief executive officer now directly owns 837,582 shares of the company’s stock, valued at $203,498,922.72. The trade was a 1.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the sale, the director now directly owns 8,530 shares in the company, valued at $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,918 shares of company stock valued at $22,054,293 in the last three months. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. increased its holdings in Penumbra by 4.0% in the third quarter. Oppenheimer Asset Management Inc. now owns 9,118 shares of the company’s stock valued at $1,772,000 after purchasing an additional 347 shares during the last quarter. KBC Group NV increased its holdings in Penumbra by 14.3% in the third quarter. KBC Group NV now owns 1,018 shares of the company’s stock valued at $198,000 after purchasing an additional 127 shares during the last quarter. CIBC Asset Management Inc bought a new stake in Penumbra in the third quarter valued at about $218,000. Natixis Advisors LLC increased its holdings in Penumbra by 45.8% in the third quarter. Natixis Advisors LLC now owns 27,725 shares of the company’s stock valued at $5,387,000 after purchasing an additional 8,705 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Penumbra by 3,832.3% in the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

Penumbra stock opened at $276.24 on Tuesday. The firm has a market cap of $10.64 billion, a P/E ratio of 812.46, a P/E/G ratio of 2.83 and a beta of 0.51. Penumbra has a 52 week low of $148.00 and a 52 week high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. The business’s fifty day moving average is $270.69 and its two-hundred day moving average is $238.41.

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

Analyst Ratings Changes

Several analysts have recently weighed in on PEN shares. Piper Sandler reissued an “overweight” rating and set a $330.00 price objective (up previously from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. Wells Fargo & Company lifted their price objective on Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Citigroup lifted their price objective on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. UBS Group boosted their price target on Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Oppenheimer started coverage on Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target on the stock. Four equities research 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $294.47.

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.