The Swiss National Bank has reduced its stake 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 U.S. Securities and Exchange Commission (SEC), it now holds 70,200 shares after selling 500 shares during this period. The bank’s investment in Penumbra is valued at approximately $18,015,000, representing about 0.18% of the company’s equity.
Several other institutional investors have also made adjustments to their positions in Penumbra. Notably, Machina Capital S.A.S. acquired a new stake worth $369,000 in the second quarter. Additionally, Fortis Capital Advisors LLC and Belpointe Asset Management LLC both purchased new stakes in the first quarter valued at $732,000. Janney Montgomery Scott LLC significantly increased its holdings by 716.5%, acquiring an additional 21,718 shares for a total of 24,749 shares, valued at $6,351,000. Overall, institutional investors own approximately 88.88% of Penumbra’s stock.
Current Market Performance and Analyst Ratings
As of Thursday, Penumbra’s stock opened at $295.96. The company has a market capitalization of $11.59 billion and exhibits a debt-to-equity ratio of 0.02. Its current ratio stands at 6.75, with a quick ratio of 4.04. Over the past year, the stock has fluctuated between a low of $221.26 and a high of $310.00. The fifty-day moving average price is $258.75, while the 200-day average is $257.67.
Recent reports from analysts indicate varying outlooks for Penumbra. BTIG Research reaffirmed a “buy” rating, setting a price objective of $320.00 in a report dated October 27, 2023. Conversely, Truist Financial reduced its price target from $310.00 to $300.00 while maintaining a “buy” rating. Wall Street Zen adjusted its rating from “buy” to “hold” on November 1, 2023. Notably, Wells Fargo & Company began coverage on Penumbra, assigning an “underweight” rating. Overall, one analyst has rated the stock as a Strong Buy, twelve as Buy, four as Hold, and one as Sell. The average rating is categorized as a “Moderate Buy,” with a price target of $305.69 according to MarketBeat.com.
Insider Transactions and Company Profile
In related news, insider trading activity has also been notable. On October 1, 2023, Director Thomas Wilder sold 186 shares at an average price of $253.93, totaling approximately $47,230.98. This sale reduced his ownership by 50%. Additionally, CEO Adam Elsesser sold 15,800 shares on September 3, 2023, for a total of $4,260,470.00. Following this transaction, Elsesser retains 182,460 shares valued at around $49,200,339, marking a 7.97% decrease in his stake. In the last 90 days, insiders have sold a total of 35,330 shares worth approximately $9,932,319, with corporate insiders holding 4.20% of the company’s stock.
Penumbra, Inc. specializes in designing, developing, and manufacturing medical devices for both domestic and international markets. The company offers a range of products, including the Indigo System for thrombus aspiration, the Lightning Flash mechanical thrombectomy system, and the Lightning Bolt 7 arterial thrombectomy system.
In summary, the shifts in institutional investment and insider trading at Penumbra reflect ongoing strategic adjustments as the company navigates its market position in the medical device sector.
