Bessemer Group Inc. Reduces Stock Position in Penumbra, Inc. $PEN

Bessemer Group Inc. lessened its position in Penumbra, Inc. (NYSE:PEN) by 9.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,297 shares of the company’s stock after selling 440 shares during the period. Bessemer Group Inc.’s holdings in Penumbra were worth $1,103,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PEN. Concurrent Investment Advisors LLC purchased a new position in Penumbra during the 1st quarter valued at about $259,000. GAMMA Investing LLC lifted its holdings in Penumbra by 59.0% in the 1st quarter. GAMMA Investing LLC now owns 709 shares of the company’s stock worth $190,000 after buying an additional 263 shares during the period. Fortis Capital Advisors LLC purchased a new stake in Penumbra in the 1st quarter worth approximately $732,000. Belpointe Asset Management LLC bought a new stake in shares of Penumbra in the 1st quarter worth approximately $732,000. Finally, Sheets Smith Investment Management purchased a new position in shares of Penumbra during the first quarter valued at approximately $773,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Analyst Ratings Changes

PEN has been the subject of a number of research analyst reports. Canaccord Genuity Group set a $350.00 price target on Penumbra and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Wells Fargo & Company set a $290.00 price objective on shares of Penumbra in a report on Wednesday, October 1st. Morgan Stanley raised their target price on shares of Penumbra from $260.00 to $266.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 31st. BTIG Research reiterated a “buy” rating and set a $320.00 price target on shares of Penumbra in a research report on Monday, October 27th. Finally, UBS Group set a $335.00 price target on shares of Penumbra and gave the stock a “buy” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and an average price target of $305.94.

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 15,800 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $269.65, for a total value of $4,260,470.00. Following the sale, the chief executive officer directly owned 182,460 shares of the company’s stock, valued at approximately $49,200,339. The trade was a 7.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $249.70, for a total value of $149,820.00. Following the transaction, the executive vice president owned 64,257 shares of the company’s stock, valued at $16,044,972.90. The trade was a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,460 shares of company stock worth $16,322,614 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Penumbra Trading Down 1.8%

NYSE:PEN opened at $227.34 on Friday. The firm has a market capitalization of $8.87 billion, a P/E ratio of 60.46, a PEG ratio of 2.10 and a beta of 0.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04. Penumbra, Inc. has a one year low of $207.58 and a one year high of $310.00. The company’s 50-day simple moving average is $258.44 and its 200 day simple moving average is $259.71.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm had revenue of $339.46 million during the quarter, compared to analyst estimates of $327.37 million. During the same period last year, the business earned $0.64 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. As a group, analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

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.