State of Michigan Retirement System Has $2.16 Million Stock Position in Penumbra, Inc. (NYSE:PEN)

State of Michigan Retirement System decreased its stake in Penumbra, Inc. (NYSE:PEN) by 1.1% in the fourth quarter, HoldingsChannel reports. The firm owned 9,114 shares of the company’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in Penumbra were worth $2,164,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PEN. True Wealth Design LLC purchased a new stake in Penumbra in the 3rd quarter worth about $26,000. UMB Bank n.a. lifted its stake in Penumbra by 57.4% in the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after acquiring an additional 70 shares in the last quarter. Mather Group LLC. lifted its stake in Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after acquiring an additional 208 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in 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 acquiring an additional 43 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Penumbra by 25.0% in the 4th quarter. Jones Financial Companies Lllp now owns 375 shares of the company’s stock worth $89,000 after acquiring an additional 75 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lambert Shiu sold 501 shares of Penumbra stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $282.88, for a total value of $141,722.88. Following the sale, the chief accounting officer now directly owns 32,969 shares in the company, valued at $9,326,270.72. The trade was a 1.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,918 shares of company stock valued at $22,054,293. 5.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PEN. Canaccord Genuity Group raised their price target on Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday, February 19th. Citigroup raised their price target on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Morgan Stanley raised their price target on Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. raised their price target on Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Penumbra currently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Performance

PEN opened at $275.07 on Friday. The firm has a market capitalization of $10.59 billion, a P/E ratio of 809.01, a price-to-earnings-growth ratio of 2.83 and a beta of 0.51. The stock’s 50 day moving average price is $267.39 and its two-hundred day moving average price is $235.44. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $310.00.

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

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.