Franklin Resources Inc. Increases Stake in Penumbra, Inc. (NYSE:PEN)

Franklin Resources Inc. lifted its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 8.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,232 shares of the company's stock after acquiring an additional 24,091 shares during the quarter. Franklin Resources Inc. owned approximately 0.83% of Penumbra worth $67,473,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new position in Penumbra in the 2nd quarter valued at $233,000. Envestnet Portfolio Solutions Inc. raised its position in Penumbra by 215.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,408 shares of the company's stock worth $613,000 after acquiring an additional 2,326 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in Penumbra in the second quarter valued at about $223,000. Bank of New York Mellon Corp grew its position in shares of Penumbra by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company's stock valued at $58,906,000 after acquiring an additional 4,814 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Penumbra by 11.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 210,140 shares of the company's stock worth $37,819,000 after purchasing an additional 21,741 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

Penumbra Price Performance

NYSE PEN traded up $0.31 during trading on Tuesday, reaching $247.55. The company's stock had a trading volume of 336,425 shares, compared to its average volume of 375,276. The stock has a market capitalization of $9.50 billion, a PE ratio of 287.49, a P/E/G ratio of 2.47 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm has a fifty day moving average of $228.47 and a 200 day moving average of $202.28. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million for the quarter, compared to analysts' expectations of $297.36 million. During the same period in the prior year, the business earned $0.67 earnings per share. Penumbra's revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts expect that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

Insider Activity

In other news, Director Harpreet Grewal sold 166 shares of the company's stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares of the company's stock, valued at approximately $1,659,648.51. This represents a 1.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,418 shares of company stock worth $10,624,973. 5.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have weighed in on PEN. Needham & Company LLC reissued a "hold" rating on shares of Penumbra in a report on Thursday, October 31st. Canaccord Genuity Group increased their price target on Penumbra from $260.00 to $323.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Royal Bank of Canada boosted their price objective on Penumbra from $205.00 to $222.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Truist Financial upped their price objective on shares of Penumbra from $200.00 to $235.00 and gave the company a "buy" rating in a report on Monday, October 14th. Finally, Oppenheimer started coverage on shares of Penumbra in a research note on Tuesday. They issued an "outperform" rating and a $275.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Penumbra presently has an average rating of "Moderate Buy" and a consensus target price of $254.15.

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.