The Swiss National Bank has decreased its investment in Penumbra, Inc. (NYSE: PEN) by 0.7% during the second quarter of 2023. According to the bank’s most recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), the bank now holds 70,200 shares of Penumbra after selling 500 shares in the quarter. This reduction means that the Swiss National Bank currently owns approximately 0.18% of Penumbra, valued at around $18.02 million.
Other institutional investors have also adjusted their positions in Penumbra. Machina Capital S.A.S. acquired a new stake valued at $369,000 during the second quarter, while Fortis Capital Advisors LLC and Belpointe Asset Management LLC each purchased new stakes worth $732,000 in the first quarter. Additionally, Janney Montgomery Scott LLC significantly increased its stake by 716.5% during the second quarter, now owning 24,749 shares, valued at approximately $6.35 million. Overall, institutional investors control about 88.88% of Penumbra’s stock.
Penumbra’s Financial Overview
As of Thursday, Penumbra’s stock opened at $295.96. The company maintains a debt-to-equity ratio of 0.02, with a current ratio of 6.75 and a quick ratio of 4.04. Penumbra boasts a market capitalization of $11.59 billion, a price-to-earnings (P/E) ratio of 78.71, and a price/earnings to growth (PEG) ratio of 2.10. Over the past year, the stock has fluctuated between a low of $221.26 and a high of $310.00, with recent averages indicating a fifty-day moving average of $258.75 and a 200-day moving average of $257.67.
Analysts have recently provided an array of ratings for Penumbra. BTIG Research reaffirmed a “buy” rating with a price target of $320.00 in a report dated October 27, 2023. Conversely, Truist Financial reduced its price target from $310.00 to $300.00 while also maintaining a “buy” rating. On the other hand, Wall Street Zen downgraded Penumbra from a “buy” to a “hold” rating on November 1, 2023. Wells Fargo & Company initiated coverage with an “underweight” rating, while UBS Group set a target price of $335.00 with a “buy” rating. Currently, one equity research analyst rates the stock as a Strong Buy, twelve as Buy, four as Hold, and one as Sell, contributing to an average rating of “Moderate Buy” with a target price of $305.69.
Insider Activity Updates
In addition to these market movements, there have been noteworthy transactions involving Penumbra insiders. On October 1, 2023, Director Thomas Wilder sold 186 shares at an average price of $253.93, totaling approximately $47,230.98. Following this sale, Wilder’s ownership decreased by 50.00%. Furthermore, CEO Adam Elsesser sold 15,800 shares on September 3, 2023, at an average price of $269.65, amounting to about $4.26 million. Post-transaction, Elsesser holds 182,460 shares valued at approximately $49.2 million, marking a decrease of 7.97% in his holdings.
In the last 90 days, insiders have sold a total of 35,330 shares valued at nearly $9.93 million. Currently, corporate insiders own about 4.20% of Penumbra’s stock.
Penumbra, Inc. specializes in designing, developing, manufacturing, and marketing medical devices both in the United States and internationally. The company is known for its innovative peripheral products, including the Indigo System for thrombus aspiration, the Lightning Flash mechanical thrombectomy system, and the Lightning Bolt 7 arterial thrombectomy system.
As the landscape continues to evolve, stakeholders and analysts will be monitoring Penumbra’s performance closely, particularly in light of recent insider activities and institutional investments.
