Wesbanco Bank Inc. Purchases New Position in Penumbra, Inc. $PEN

Wesbanco Bank Inc. acquired a new position in shares of Penumbra, Inc. (NYSE:PEN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 7,502 shares of the company’s stock, valued at approximately $1,900,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mather Group LLC. acquired a new stake in Penumbra during the 3rd quarter valued at $25,000. Newbridge Financial Services Group Inc. purchased a new position in Penumbra in the second quarter valued at about $30,000. Parkside Financial Bank & Trust increased its holdings in Penumbra by 70.2% during the 2nd quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock worth $41,000 after purchasing an additional 66 shares during the last quarter. Covestor Ltd increased its holdings in Penumbra by 53.0% during the 3rd quarter. Covestor Ltd now owns 179 shares of the company’s stock worth $46,000 after purchasing an additional 62 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of Penumbra in the 2nd quarter valued at approximately $64,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PEN shares. Wall Street Zen lowered shares of Penumbra from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. William Blair downgraded shares of Penumbra from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. raised shares of Penumbra from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $275.00 to $370.00 in a research report on Thursday, December 18th. Truist Financial downgraded Penumbra from a “buy” rating to a “hold” rating and lifted their price target for the stock from $370.00 to $374.00 in a research note on Friday, January 16th. Finally, Piper Sandler cut Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 price objective on the stock. in a research note on Thursday, January 15th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $358.00.

Penumbra Stock Performance

Shares of NYSE PEN opened at $338.90 on Wednesday. The company has a quick ratio of 4.18, a current ratio of 6.73 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $326.13 and its two-hundred day moving average price is $283.45. Penumbra, Inc. has a 52-week low of $221.26 and a 52-week high of $362.41. The stock has a market capitalization of $13.27 billion, a P/E ratio of 81.08, a P/E/G ratio of 2.09 and a beta of 0.81.

Insider Buying and Selling

In related news, Director Thomas Wilder sold 186 shares of the stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $310.72, for a total value of $57,793.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 186 shares of Penumbra stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $312.64, for a total transaction of $58,151.04. Following the completion of the sale, the director owned 8,230 shares in the company, valued at approximately $2,573,027.20. This represents a 2.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 33,172 shares of company stock valued at $10,015,279 over the last three months. Corporate insiders own 5.00% of the company’s stock.

About Penumbra

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.