Penumbra, Inc. (NYSE:PEN) Short Interest Up 22.1% in March

Penumbra, Inc. (NYSE:PEN) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 1,490,000 shares, an increase of 22.1% from the March 15th total of 1,220,000 shares. Approximately 4.1% of the company’s stock are sold short. Based on an average trading volume of 496,300 shares, the short-interest ratio is currently 3.0 days.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $287.43, for a total value of $172,458.00. Following the completion of the sale, the executive vice president now directly owns 66,539 shares in the company, valued at approximately $19,125,304.77. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 16,560 shares of the firm’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $274.35, for a total transaction of $4,543,236.00. Following the completion of the transaction, the chief executive officer now owns 63,911 shares in the company, valued at $17,533,982.85. The trade was a 20.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 127,846 shares of company stock worth $35,779,187 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of hedge funds have recently modified their holdings of PEN. RTW Investments LP lifted its stake in Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after buying an additional 66,700 shares in the last quarter. Baillie Gifford & Co. raised 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 valued at $173,416,000 after purchasing an additional 138,387 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Penumbra by 47.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company’s stock valued at $167,913,000 after purchasing an additional 227,506 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Penumbra by 19.9% during the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company’s stock worth $82,293,000 after buying an additional 57,421 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Penumbra by 23.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 323,964 shares of the company’s stock valued at $76,937,000 after buying an additional 60,764 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Analyst Upgrades and Downgrades

PEN has been the subject of several research reports. Bank of America started coverage on Penumbra in a research report on Friday, March 14th. They issued a “buy” rating and a $320.00 price objective for the company. Truist Financial decreased their price objective on Penumbra from $325.00 to $315.00 and set a “buy” rating on the stock in a report on Friday, April 11th. 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. Royal Bank of Canada reiterated an “outperform” rating and set a $315.00 target price on shares of Penumbra in a research report on Tuesday, April 15th. Finally, Canaccord Genuity Group increased their price target on shares of Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $293.93.

Penumbra Trading Down 2.5 %

Shares of PEN stock traded down $6.82 on Monday, reaching $270.53. 501,895 shares of the stock were exchanged, compared to its average volume of 414,423. The stock has a market cap of $10.47 billion, a PE ratio of 795.68, a P/E/G ratio of 2.83 and a beta of 0.56. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. Penumbra has a one year low of $148.00 and a one year high of $310.00. The stock has a 50 day moving average price of $275.47 and a 200 day moving average price of $252.06.

Penumbra (NYSE:PEN) last released 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 firm had revenue of $315.52 million for the quarter, compared to analyst estimates 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 EPS for the current fiscal year.

Penumbra Company 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.