Allspring Global Investments Holdings LLC Acquires 3,973 Shares of Penumbra, Inc. (NYSE:PEN)

Allspring Global Investments Holdings LLC raised its stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 1.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 214,113 shares of the company's stock after buying an additional 3,973 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.55% of Penumbra worth $41,604,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mather Group LLC. purchased a new position in Penumbra during the first quarter valued at approximately $29,000. GAMMA Investing LLC grew its position in shares of Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company's stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co purchased a new position in shares of Penumbra during the 2nd quarter valued at $54,000. Park Place Capital Corp increased its holdings in shares of Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company's stock worth $70,000 after purchasing an additional 339 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company's stock worth $70,000 after buying an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Needham & Company LLC restated a "hold" rating on shares of Penumbra in a research note on Wednesday, July 31st. Leerink Partners started coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an "outperform" rating and a $263.00 target price on the stock. Truist Financial lifted their target price on shares of Penumbra from $200.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, October 14th. Royal Bank of Canada increased their price target on shares of Penumbra from $205.00 to $222.00 and gave the stock an "outperform" rating in a report on Tuesday, October 8th. Finally, Robert W. Baird dropped their price objective on shares of Penumbra from $231.00 to $180.00 and set an "outperform" rating for the company in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Penumbra has a consensus rating of "Moderate Buy" and an average price target of $220.17.

Insiders Place Their Bets

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Harpreet Grewal sold 166 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares of the company's stock, valued at $1,659,648.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the transaction, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,368 shares of company stock worth $3,824,718 over the last three months. Company insiders own 5.00% of the company's stock.

Penumbra Trading Down 0.9 %

Shares of NYSE:PEN traded down $1.91 during trading on Wednesday, reaching $203.71. 233,880 shares of the company traded hands, compared to its average volume of 378,407. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34. The business's fifty day moving average is $197.66 and its 200-day moving average is $193.92. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 605.21, a P/E/G ratio of 2.39 and a beta of 0.54.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business had revenue of $299.40 million for the quarter, compared to analysts' expectations of $298.24 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts forecast that Penumbra, Inc. will post 2.58 EPS for the current year.

Penumbra announced that its board has approved a stock repurchase program on Tuesday, August 13th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

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.