Penumbra, Inc. (NYSE:PEN) Short Interest Update

Penumbra, Inc. (NYSE:PEN) was the target of a significant 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 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.

Insider Activity

In related news, CFO Maggie Yuen sold 2,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $286.00, for a total value of $572,000.00. Following the sale, the chief financial officer now owns 15,243 shares of the company’s stock, valued at $4,359,498. The trade was a 11.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adam Elsesser sold 61,600 shares of the business’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 sale, the chief executive officer now directly owns 16,376 shares in the company, valued at approximately $4,644,069.84. This represents a 79.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,918 shares of company stock worth $22,054,293. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of large investors have recently made changes to their positions in the company. FMR LLC increased its stake in shares of Penumbra by 2.1% during the third quarter. FMR LLC now owns 5,896,396 shares of the company’s stock worth $1,145,729,000 after purchasing an additional 121,465 shares during the period. Champlain Investment Partners LLC increased its stake in shares of Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after purchasing an additional 264,122 shares during the period. State Street Corp increased its stake in shares of Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after purchasing an additional 3,863 shares during the period. RTW Investments LP increased its stake in shares of Penumbra by 8.4% during the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock worth $204,815,000 after purchasing an additional 66,700 shares during the period. Finally, Baillie Gifford & Co. increased its stake in shares of Penumbra by 23.4% during the fourth 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 during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Performance

Shares of PEN traded up $4.97 during mid-day trading on Wednesday, reaching $280.26. The company’s stock had a trading volume of 532,307 shares, compared to its average volume of 396,166. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The stock has a market cap of $10.79 billion, a P/E ratio of 824.31, a PEG ratio of 2.83 and a beta of 0.51. The business has a 50-day simple moving average of $271.61 and a two-hundred day simple moving average of $239.21. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

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

Analysts Set New Price Targets

Several analysts recently commented on the company. Canaccord Genuity Group boosted their price target on Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Royal Bank of Canada boosted their price target on Penumbra from $285.00 to $313.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Truist Financial boosted their price target on Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. UBS Group boosted their price objective on Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and an average 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.