State of New Jersey Common Pension Fund D Sells 7,644 Shares of Penumbra, Inc. (NYSE:PEN)

State of New Jersey Common Pension Fund D decreased its holdings in Penumbra, Inc. (NYSE:PEN) by 36.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,089 shares of the company’s stock after selling 7,644 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Penumbra were worth $2,356,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PEN. Champlain Investment Partners LLC increased its holdings in shares of Penumbra by 131.8% in the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after purchasing an additional 616,700 shares in the last quarter. Norges Bank purchased a new position in shares of Penumbra in the 4th quarter worth $85,222,000. Braidwell LP boosted its stake in shares of Penumbra by 133.7% in the 4th quarter. Braidwell LP now owns 222,792 shares of the company’s stock worth $56,041,000 after buying an additional 127,477 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Penumbra by 12.2% in the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock worth $186,066,000 after buying an additional 90,444 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Penumbra by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock worth $920,159,000 after buying an additional 58,184 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Insider Buying and Selling

In related news, Director Harpreet Grewal sold 782 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the sale, the director now directly owns 8,863 shares in the company, valued at $1,809,026.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the sale, the executive vice president now directly owns 61,088 shares in the company, valued at $12,597,567.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 782 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the sale, the director now owns 8,863 shares in the company, valued at $1,809,026.93. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,372 shares of company stock worth $3,888,852. Corporate insiders own 5.00% of the company’s stock.

Penumbra Price Performance

NYSE:PEN opened at $200.82 on Friday. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The business’s 50-day simple moving average is $190.30 and its two-hundred day simple moving average is $199.77. The stock has a market cap of $7.80 billion, a PE ratio of 84.73, a P/E/G ratio of 2.24 and a beta of 0.54. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $299.40 million for the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.43 earnings per share. As a group, analysts forecast that Penumbra, Inc. will post 2.63 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Truist Financial restated a “buy” rating and issued a $200.00 price target (down from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Piper Sandler dropped their price target on Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Wells Fargo & Company downgraded Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Royal Bank of Canada lowered their target price on Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Finally, Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $208.00.

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.