The Swiss National Bank has decreased its holdings in Penumbra, Inc. (NYSE:PEN) by 0.7% during the second quarter of 2023. According to the bank’s latest Form 13F filing with the Securities and Exchange Commission (SEC), it now owns 70,200 shares after selling 500 shares. This position is valued at approximately $18.02 million, accounting for around 0.18% of the company’s total stock.
Several institutional investors have also adjusted their positions in Penumbra. Machina Capital S.A.S. acquired a new stake valued at $369,000 during the second quarter, while Fortis Capital Advisors LLC and Belpointe Asset Management LLC each purchased new stakes worth $732,000 in the first quarter. Notably, Janney Montgomery Scott LLC significantly increased its stake by 716.5% during the second quarter, now holding 24,749 shares valued at $6.35 million. Overall, institutional investors own approximately 88.88% of Penumbra’s stock.
Performance and Analyst Ratings
On Thursday, Penumbra’s stock opened at $295.96. The company has a market capitalization of $11.59 billion, a debt-to-equity ratio of 0.02, and a P/E ratio of 78.71. With a one-year low of $221.26 and a high of $310.00, the stock’s fifty-day moving average stands at $258.75.
Analysts’ opinions on Penumbra have varied recently. BTIG Research reaffirmed a “buy” rating with a target price of $320.00 on October 27, while Truist Financial lowered its target from $310.00 to $300.00. Wall Street Zen downgraded the stock from “buy” to “hold” on November 1. In contrast, Wells Fargo & Company initiated coverage with an “underweight” rating, and UBS Group set a target price of $335.00 with a “buy” rating. Currently, one analyst considers the stock a Strong Buy, twelve have rated it as a Buy, four have given it a Hold rating, and one has issued a Sell rating. As per MarketBeat.com, Penumbra holds an average rating of “Moderate Buy” with a target price of $305.69.
Insider Transactions
In recent insider trading, Director Thomas Wilder sold 186 shares on October 1 at an average price of $253.93, totaling $47,230.98. This transaction reduced his ownership by 50.00%. Following this, CEO Adam Elsesser sold 15,800 shares on September 3 for $4,260,470.00, bringing his total holdings to 182,460 shares, valued at approximately $49.2 million. In the past 90 days, insiders have sold 35,330 shares of Penumbra stock, amounting to about $9.93 million in total. Corporate insiders currently own 4.20% of the company’s stock.
Penumbra, Inc. specializes in the design, development, manufacturing, and marketing of medical devices both in the United States and internationally. Its product range includes the Indigo System for thrombus aspiration, the Lightning Flash mechanical thrombectomy system, and the Lightning Bolt 7 arterial thrombectomy system, among others.
