Bank of New York Mellon Corp Sells 12,940 Shares of Penumbra, Inc. $PEN

Bank of New York Mellon Corp trimmed its position in Penumbra, Inc. (NYSE:PEN) by 4.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 274,337 shares of the company’s stock after selling 12,940 shares during the quarter. Bank of New York Mellon Corp’s holdings in Penumbra were worth $70,403,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Penumbra by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company’s stock valued at $982,825,000 after purchasing an additional 24,727 shares during the last quarter. JPMorgan Chase & Co. grew its position in Penumbra by 437.0% in the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock valued at $188,159,000 after acquiring an additional 572,606 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Penumbra by 0.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 322,030 shares of the company’s stock valued at $80,726,000 after acquiring an additional 984 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Penumbra by 4.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 283,821 shares of the company’s stock worth $75,897,000 after acquiring an additional 12,247 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in Penumbra during the first quarter worth about $63,731,000. 88.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PEN has been the topic of several research reports. Truist Financial decreased their price target on shares of Penumbra from $310.00 to $300.00 and set a “buy” rating on the stock in a report on Wednesday, October 15th. Royal Bank Of Canada cut their target price on shares of Penumbra from $330.00 to $325.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 30th. Canaccord Genuity Group boosted their target price on shares of Penumbra from $350.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday. William Blair upgraded Penumbra to a “strong-buy” rating in a research note on Friday, July 18th. Finally, BTIG Research reissued a “buy” rating and set a $320.00 price objective on shares of Penumbra in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold 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 $305.69.

Penumbra Stock Performance

Shares of PEN stock opened at $266.25 on Monday. The business’s 50 day simple moving average is $255.94 and its 200 day simple moving average is $258.36. Penumbra, Inc. has a one year low of $221.26 and a one year high of $310.00. The stock has a market capitalization of $10.43 billion, a PE ratio of 70.81, a PEG ratio of 2.10 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.07. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm had revenue of $354.69 million during the quarter, compared to analyst estimates of $340.77 million. During the same quarter last year, the business earned $0.85 EPS. The company’s revenue was up 17.8% compared to the same quarter last year. Penumbra has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insiders Place Their Bets

In other Penumbra news, Director Thomas Wilder sold 372 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $240.16, for a total transaction of $89,339.52. Following the sale, the director owned 372 shares of the company’s stock, valued at approximately $89,339.52. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Arani Bose sold 12,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total value of $3,007,800.00. Following the sale, the director owned 558 shares of the company’s stock, valued at approximately $139,862.70. The trade was a 95.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,202 shares of company stock valued at $12,445,564 over the last quarter. Company insiders own 4.20% of the company’s stock.

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.