The New York State Common Retirement Fund has increased its investment in Penumbra, Inc. (NYSE:PEN) by 5.4% during the second quarter of 2023. According to the fund’s most recent filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 76,207 shares of the medical device company after acquiring an additional 3,874 shares during this period. The total value of the fund’s stake in Penumbra amounts to approximately $19.56 million.
Several other institutional investors have also adjusted their holdings in Penumbra. GAMMA Investing LLC increased its position by 7.3%, bringing its total to 761 shares worth $195,000. Meanwhile, Parkside Financial Bank & Trust significantly boosted its stake by 70.2%, owning 160 shares valued at $41,000. Similarly, Quadrant Capital Group LLC raised its holdings by 2.9%, totaling 2,872 shares worth $737,000.
The Louisiana State Employees Retirement System also made notable adjustments, increasing its stake by 0.9% to 10,900 shares, valued at $2.8 million. Additionally, the New York State Teachers Retirement System grew its holdings by 0.3%, now owning 38,154 shares valued at approximately $9.79 million. Collectively, institutional investors own about 88.88% of Penumbra’s stock.
Insider Transactions Highlighted
In related developments, insider trading has drawn attention. On November 25, 2023, Johanna Roberts, Executive Vice President, sold 1,800 shares at an average price of $300.06, totaling $540,108. Following this transaction, she retained 64,736 shares, valued at approximately $19.42 million, which reflects a 2.71% decrease in her position.
Additionally, Adam Elsesser, the Chief Executive Officer, sold 15,800 shares on September 3, 2023, at an average price of $269.65, amounting to $4.26 million. After the sale, Elsesser holds 182,460 shares, valued at around $49.2 million, representing a 7.97% decrease in his holdings. In total, insiders have sold 34,544 shares valued at approximately $9.72 million over the past three months, with insiders owning 4.20% of the company’s stock.
Market Performance and Financial Outlook
As of the latest trading session, Penumbra shares opened at $291.55, showing a slight decline of 0.6%. The company boasts a strong financial foundation, with a debt-to-equity ratio of 0.02, a current ratio of 6.75, and a quick ratio of 4.04. Over the past year, Penumbra’s stock has fluctuated between a low of $221.26 and a high of $310.00. The company currently holds a market capitalization of $11.42 billion, a P/E ratio of 77.54, and a P/E/G ratio of 2.10.
In its recent quarterly earnings report, released on November 5, 2023, Penumbra reported earnings of $0.97 per share, surpassing analysts’ expectations of $0.90 by $0.07. The company generated revenue of $354.69 million, exceeding the forecast of $340.77 million. When compared to the same quarter last year, Penumbra’s revenue grew by 17.8%, up from $0.85 EPS reported in the previous year. The company has set its fiscal year 2025 guidance at EPS, and analysts predict that Penumbra will achieve earnings of $3.67 per share for the current fiscal year.
Founded in 2004, Penumbra, Inc. designs, develops, manufactures, and markets a range of medical devices both in the United States and internationally. The company’s offerings include peripheral products such as the Indigo System for thrombus aspiration, the Lightning Flash mechanical thrombectomy system, and the Lightning Bolt 7 arterial thrombectomy system, among others.
For further updates on Penumbra’s performance and institutional holdings, interested parties can visit reputable financial platforms for the latest reports and insider trading activities.
