Silvercrest Asset Management Group LLC Raises Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Silvercrest Asset Management Group LLC grew its stake in Penumbra, Inc. (NYSE:PEN) by 205.3% during the 4th quarter, Holdings Channel reports. The fund owned 9,627 shares of the company’s stock after acquiring an additional 6,474 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Penumbra were worth $2,286,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. RTW Investments LP lifted its position in shares of Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after acquiring an additional 66,700 shares in the last quarter. Baillie Gifford & Co. increased its stake in Penumbra by 23.4% in the fourth quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after purchasing an additional 138,387 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Penumbra by 47.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company’s stock valued at $167,913,000 after purchasing an additional 227,506 shares during the last quarter. Bank of America Corp DE increased its stake in Penumbra by 19.9% in the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company’s stock valued at $82,293,000 after purchasing an additional 57,421 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Penumbra by 23.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 323,964 shares of the company’s stock valued at $76,937,000 after purchasing an additional 60,764 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PEN. Royal Bank of Canada upped their target price on Penumbra from $315.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Stifel Nicolaus set a $318.00 target price on Penumbra and gave the company a “buy” rating in a research note on Thursday, April 24th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Wednesday, February 19th. JPMorgan Chase & Co. upped their target price on Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $330.00 target price (up from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $302.40.

Insider Activity

In other Penumbra news, Director Bridget O’rourke sold 100 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $286.15, for a total transaction of $28,615.00. Following the completion of the sale, the director now owns 5,423 shares in the company, valued at $1,551,791.45. This trade represents a 1.81% decrease in their position. 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 the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $264.58, for a total value of $95,248.80. Following the sale, the director now owns 4,533 shares of the company’s stock, valued at approximately $1,199,341.14. This trade represents a 7.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 176,696 shares of company stock worth $50,207,745. 4.20% of the stock is currently owned by corporate insiders.

Penumbra Price Performance

PEN stock opened at $280.89 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $310.00. The firm has a market cap of $10.88 billion, a P/E ratio of 826.15, a price-to-earnings-growth ratio of 2.83 and a beta of 0.53. The stock has a 50-day simple moving average of $279.66 and a 200-day simple moving average of $264.29.

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

Penumbra 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.