229,054 Shares in Penumbra, Inc. (NYSE:PEN) Bought by Norges Bank

Norges Bank bought a new position in Penumbra, Inc. (NYSE:PEN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 229,054 shares of the company’s stock, valued at approximately $54,396,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC grew its position in Penumbra by 3.8% in the 4th quarter. Pallas Capital Advisors LLC now owns 1,108 shares of the company’s stock valued at $263,000 after buying an additional 41 shares in the last quarter. Pacer Advisors Inc. boosted 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 valued at $1,359,000 after purchasing an additional 57 shares during the period. CIBC Asset Management Inc increased its stake in 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 in the last quarter. Corient Private Wealth LLC raised its holdings in Penumbra by 3.7% during the 4th quarter. Corient Private Wealth LLC now owns 1,695 shares of the company’s stock worth $403,000 after buying an additional 61 shares during the period. Finally, UMB Bank n.a. lifted its stake in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after buying an additional 70 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Penumbra Stock Performance

PEN stock opened at $262.37 on Friday. The firm has a 50 day moving average of $274.48 and a two-hundred day moving average of $245.21. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $310.00. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of 771.66, a P/E/G ratio of 2.83 and a beta of 0.51. 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 (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $311.63 million. As a group, equities analysts anticipate that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Activity

In other Penumbra news, CAO Lambert Shiu sold 501 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $282.88, for a total transaction of $141,722.88. Following the completion of the sale, the chief accounting officer now owns 32,969 shares of the company’s stock, valued at $9,326,270.72. This represents a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Wilder sold 360 shares of Penumbra stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $266.93, for a total transaction of $96,094.80. Following the completion of the transaction, the director now directly owns 4,692 shares in the company, valued at approximately $1,252,435.56. This represents a 7.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,236 shares of company stock valued at $31,222,390. Insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PEN. Robert W. Baird lifted their target price on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Wells Fargo & Company boosted 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. Oppenheimer assumed coverage on Penumbra in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price for the company. Bank of America began coverage on Penumbra in a research report on Friday, March 14th. They set a “buy” rating and a $320.00 price target on the stock. Finally, StockNews.com lowered Penumbra from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.