Franklin Resources Inc. Cuts Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Franklin Resources Inc. reduced its position in shares of Penumbra, Inc. (NYSE:PEN) by 22.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 226,187 shares of the company’s stock after selling 65,888 shares during the period. Franklin Resources Inc.’s holdings in Penumbra were worth $56,895,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in Penumbra by 6.4% during the third quarter. Invesco Ltd. now owns 551,923 shares of the company’s stock worth $133,516,000 after purchasing an additional 33,107 shares in the last quarter. Rock Springs Capital Management LP increased its holdings in Penumbra by 37.6% in the third quarter. Rock Springs Capital Management LP now owns 503,750 shares of the company’s stock valued at $121,862,000 after buying an additional 137,750 shares in the last quarter. Norges Bank purchased a new position in Penumbra in the fourth quarter valued at about $85,222,000. Allspring Global Investments Holdings LLC increased its holdings in Penumbra by 19.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after buying an additional 42,876 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Penumbra by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 250,101 shares of the company’s stock valued at $62,910,000 after buying an additional 10,998 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Friday, March 1st. The shares were sold at an average price of $237.68, for a total value of $142,608.00. Following the transaction, the executive vice president now owns 62,997 shares in the company, valued at approximately $14,973,126.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Friday, March 1st. The shares were sold at an average price of $237.68, for a total value of $142,608.00. Following the transaction, the executive vice president now owns 62,997 shares in the company, valued at approximately $14,973,126.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the completion of the transaction, the chief executive officer now owns 942,582 shares in the company, valued at approximately $189,440,130.36. The disclosure for this sale can be found here. Insiders have sold a total of 25,248 shares of company stock worth $5,509,049 in the last quarter. 5.00% of the stock is owned by insiders.

Penumbra Trading Up 1.6 %

NYSE PEN traded up $2.97 during mid-day trading on Friday, reaching $193.66. 193,348 shares of the stock were exchanged, compared to its average volume of 332,759. Penumbra, Inc. has a 1-year low of $180.93 and a 1-year high of $348.67. The business’s fifty day simple moving average is $211.88 and its 200 day simple moving average is $232.02. The stock has a market capitalization of $7.51 billion, a PE ratio of 81.68, a PEG ratio of 1.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.12.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of $278.70 million for the quarter, compared to analyst estimates of $274.94 million. Penumbra had a return on equity of 7.83% and a net margin of 8.52%. The firm’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 EPS. On average, research analysts anticipate that Penumbra, Inc. will post 2.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on PEN. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Wednesday, May 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $289.00 target price on shares of Penumbra in a report on Friday, February 23rd. JPMorgan Chase & Co. cut shares of Penumbra from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $284.00 to $250.00 in a report on Friday, February 23rd. Piper Sandler dropped their price objective on shares of Penumbra from $290.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Finally, Truist Financial dropped their price objective on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $300.64.

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.