Norden Group LLC Takes Position in Penumbra, Inc. (NYSE:PEN)

Norden Group LLC purchased a new stake in shares of Penumbra, Inc. (NYSE:PEN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 20,230 shares of the company’s stock, valued at approximately $4,515,000. Norden Group LLC owned about 0.05% of Penumbra at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Penumbra by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock valued at $920,159,000 after buying an additional 58,184 shares during the last quarter. Norges Bank bought a new stake in shares of Penumbra during the fourth quarter valued at approximately $85,222,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Penumbra by 19.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after buying an additional 42,876 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Penumbra by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 250,101 shares of the company’s stock valued at $62,910,000 after buying an additional 10,998 shares during the last quarter. Finally, Braidwell LP raised its holdings in shares of Penumbra by 133.7% during the fourth quarter. Braidwell LP now owns 222,792 shares of the company’s stock valued at $56,041,000 after buying an additional 127,477 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the sale, the chief executive officer now directly owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Don W. Kassing sold 170 shares of Penumbra 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 sale, the director now directly owns 1,005 shares of the company’s stock, valued at $180,889.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the sale, the chief executive officer now directly owns 942,582 shares in the company, valued at $189,440,130.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,970 shares of company stock valued at $3,390,604. 5.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PEN shares. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday, May 8th. Truist Financial lowered their price target on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Piper Sandler decreased their price objective on shares of Penumbra from $290.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group decreased their price objective on shares of Penumbra from $284.00 to $272.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $293.10.

Penumbra Trading Up 0.8 %

Shares of NYSE:PEN opened at $177.44 on Thursday. The company has a market cap of $6.88 billion, a P/E ratio of 74.87, a P/E/G ratio of 1.78 and a beta of 0.55. The stock’s 50-day moving average is $192.82 and its 200-day moving average is $224.55. Penumbra, Inc. has a 52-week low of $170.59 and a 52-week high of $341.23. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.12.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.01). The business had revenue of $278.70 million during the quarter, compared to analyst estimates of $274.94 million. Penumbra had a net margin of 8.52% and a return on equity of 7.83%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 earnings per share. Equities research analysts predict that Penumbra, Inc. will post 2.87 earnings per share for the current year.

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.