Raymond James Financial Inc. Acquires New Position in Penumbra, Inc. (NYSE:PEN)

Raymond James Financial Inc. acquired a new position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 25,163 shares of the company's stock, valued at approximately $5,976,000. Raymond James Financial Inc. owned approximately 0.07% of Penumbra as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FIL Ltd grew its holdings in Penumbra by 0.5% during the fourth quarter. FIL Ltd now owns 61,723 shares of the company's stock worth $14,658,000 after buying an additional 282 shares in the last quarter. Employees Retirement System of Texas boosted its holdings in Penumbra by 31.9% during the 4th quarter. Employees Retirement System of Texas now owns 5,273 shares of the company's stock worth $1,252,000 after acquiring an additional 1,274 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Penumbra by 66.1% in the 4th quarter. Cerity Partners LLC now owns 5,999 shares of the company's stock worth $1,400,000 after acquiring an additional 2,387 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Penumbra by 6.6% in the fourth quarter. Quadrant Capital Group LLC now owns 632 shares of the company's stock valued at $150,000 after purchasing an additional 39 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Penumbra by 830.2% during the fourth quarter. Russell Investments Group Ltd. now owns 19,989 shares of the company's stock valued at $4,747,000 after purchasing an additional 17,840 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PEN shares. Royal Bank of Canada lifted their target price on shares of Penumbra from $315.00 to $330.00 and gave the stock an "outperform" rating in a research report on Thursday. Robert W. Baird upped their price objective on Penumbra from $316.00 to $325.00 and gave the company an "outperform" rating in a research note on Thursday. Needham & Company LLC reiterated a "hold" rating on shares of Penumbra in a research note on Wednesday, February 19th. Piper Sandler restated an "overweight" rating and set a $330.00 price target (up previously from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. Finally, Canaccord Genuity Group lifted their price objective 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. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $302.40.

Penumbra Price Performance

NYSE PEN traded down $2.27 during trading hours on Monday, hitting $297.51. The company had a trading volume of 489,787 shares, compared to its average volume of 424,853. The firm has a 50 day simple moving average of $276.99 and a 200 day simple moving average of $255.22. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $310.00. The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of 875.03, a PEG ratio of 2.83 and a beta of 0.56. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The company had revenue of $324.14 million during the quarter, compared to analysts' expectations of $315.72 million. During the same quarter in the previous year, the company earned $0.41 earnings per share. Penumbra's revenue for the quarter was up 16.3% on a year-over-year basis. Equities research analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 61,600 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $283.59, for a total value of $17,469,144.00. Following the transaction, the chief executive officer now directly owns 16,376 shares in the company, valued at approximately $4,644,069.84. This represents a 79.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $286.00, for a total transaction of $572,000.00. Following the completion of the sale, the chief financial officer now directly owns 15,243 shares in the company, valued at $4,359,498. This represents a 11.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,446 shares of company stock valued at $35,959,193. Company insiders own 5.00% of the company's stock.

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.