William Blair Investment Management LLC Sells 98,211 Shares of Penumbra, Inc. (NYSE:PEN)

William Blair Investment Management LLC cut its stake in shares of Penumbra, Inc. (NYSE:PEN) by 10.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 883,098 shares of the company’s stock after selling 98,211 shares during the quarter. William Blair Investment Management LLC owned 2.30% of Penumbra worth $209,718,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pallas Capital Advisors LLC lifted its position in shares of Penumbra by 3.8% in the 4th quarter. Pallas Capital Advisors LLC now owns 1,108 shares of the company’s stock worth $263,000 after purchasing an additional 41 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Penumbra by 11.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after purchasing an additional 43 shares during the period. Pacer Advisors Inc. lifted its position in shares of Penumbra by 1.0% in the 4th quarter. Pacer Advisors Inc. now owns 5,721 shares of the company’s stock worth $1,359,000 after purchasing an additional 57 shares during the period. CIBC Asset Management Inc lifted its position in shares of Penumbra by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 1,183 shares of the company’s stock worth $281,000 after purchasing an additional 61 shares during the period. Finally, Corient Private Wealth LLC lifted its position in shares of Penumbra by 3.7% in the 4th quarter. Corient Private Wealth LLC now owns 1,695 shares of the company’s stock worth $403,000 after purchasing an additional 61 shares during the period. 88.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group boosted their price target 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. Piper Sandler restated an “overweight” rating and issued a $330.00 price target (up previously from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. JPMorgan Chase & Co. boosted their target price on shares of Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Citigroup boosted their target price on shares of Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Finally, UBS Group boosted their target price on shares of Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $294.47.

Penumbra Stock Performance

PEN opened at $273.51 on Monday. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average price is $269.89 and its two-hundred day moving average price is $237.89. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $310.00. The company has a market cap of $10.53 billion, a price-to-earnings ratio of 804.45, a PEG ratio of 2.83 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The firm had revenue of $315.52 million during the quarter, compared to analyst estimates of $311.63 million. On average, analysts expect that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the completion of the sale, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Adam Elsesser sold 61,600 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $283.59, for a total transaction of $17,469,144.00. Following the transaction, the chief executive officer now owns 16,376 shares of the company’s stock, valued at approximately $4,644,069.84. The trade was a 79.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,918 shares of company stock worth $22,054,293 in the last quarter. 5.00% of the stock is currently owned by corporate insiders.

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.