Adam Elsesser Sells 16,650 Shares of Penumbra, Inc. (NYSE:PEN) Stock

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 16,650 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $289.37, for a total transaction of $4,818,010.50. Following the completion of the transaction, the chief executive officer now directly owns 75,237 shares in the company, valued at approximately $21,771,330.69. The trade was a 18.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Adam Elsesser also recently made the following trade(s):

• On Wednesday, April 16th, Adam Elsesser sold 16,560 shares of Penumbra stock. The shares were sold at an average price of $274.35, for a total transaction of $4,543,236.00.
• On Wednesday, April 2nd, Adam Elsesser sold 16,565 shares of Penumbra stock. The shares were sold at an average price of $272.24, for a total transaction of $4,509,655.60.
• On Wednesday, March 19th, Adam Elsesser sold 16,600 shares of Penumbra stock. The stock was sold at an average price of $276.21, for a total transaction of $4,585,086.00.
• On Wednesday, March 5th, Adam Elsesser sold 61,600 shares of Penumbra stock. The stock was sold at an average price of $283.59, for a total transaction of $17,469,144.00.

Penumbra Stock Up 3.0%

Penumbra stock opened at $297.25 on Monday. The company has a market cap of $11.51 billion, a P/E ratio of 874.26, a price-to-earnings-growth ratio of 2.83 and a beta of 0.53. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $310.00. The company has a fifty day simple moving average of $277.75 and a 200 day simple moving average of $261.33. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business had revenue of $324.14 million during the quarter, compared to the consensus estimate of $315.72 million. During the same quarter last year, the firm earned $0.41 earnings per share. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. Research analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Synergy Investment Management LLC bought a new position in shares of Penumbra in the 1st quarter valued at about $27,000. First Horizon Advisors Inc. raised its stake in Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock worth $28,000 after purchasing an additional 85 shares in the last quarter. UMB Bank n.a. raised 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 purchasing an additional 70 shares in the last quarter. Hurley Capital LLC acquired a new stake in Penumbra in the 4th quarter worth about $56,000. Finally, Huntington National Bank increased its stake in Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after acquiring an additional 154 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. StockNews.com upgraded shares of Penumbra from a “hold” rating to a “buy” rating in a report on Thursday, April 24th. Robert W. Baird increased their target price on shares of Penumbra from $316.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Morgan Stanley increased their target price on shares of Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 19th. Finally, Piper Sandler restated an “overweight” rating and set a $330.00 price objective (up from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $302.40.

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.