Short Interest in Penumbra, Inc. (NYSE:PEN) Decreases By 19.0%

Penumbra, Inc. (NYSE:PEN) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 1,360,000 shares, a drop of 19.0% from the February 13th total of 1,680,000 shares. Currently, 3.7% of the company’s stock are short sold. Based on an average daily volume of 448,500 shares, the days-to-cover ratio is presently 3.0 days.

Insider Buying and Selling

In related news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the transaction, the chief executive officer now directly owns 837,582 shares of the company’s stock, valued at approximately $203,498,922.72. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of the business’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 transaction, the chief financial officer now directly owns 15,243 shares in the company, valued at $4,359,498. The trade was a 11.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,918 shares of company stock worth $22,054,293. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penumbra

Several large investors have recently bought and sold shares of the stock. FMR LLC raised its stake in Penumbra by 2.1% during the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after purchasing an additional 121,465 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after buying an additional 264,122 shares during the period. State Street Corp increased its holdings in Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after buying an additional 3,863 shares during the period. RTW Investments LP increased its holdings in Penumbra by 8.4% in the 4th quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after buying an additional 66,700 shares during the period. Finally, Baillie Gifford & Co. increased its holdings in Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after buying an additional 138,387 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Price Performance

NYSE:PEN opened at $280.26 on Thursday. The stock has a market cap of $10.79 billion, a P/E ratio of 824.31, a PEG ratio of 2.83 and a beta of 0.51. Penumbra has a one year low of $148.00 and a one year high of $310.00. The company has a fifty day moving average price of $271.61 and a 200 day moving average price of $239.21. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PEN. Truist Financial boosted their price objective on shares of Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. StockNews.com cut shares of Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Wells Fargo & Company lifted their target price on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Canaccord Genuity Group lifted their target price on shares of Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Bank of America assumed coverage on shares of Penumbra in a research note on Friday, March 14th. They issued a “buy” rating and a $320.00 target price for the company. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $294.47.

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.