7,502 Shares in Penumbra, Inc. $PEN Acquired by Wesbanco Bank Inc.

Wesbanco Bank Inc. bought a new stake in Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,502 shares of the company’s stock, valued at approximately $1,900,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in shares of Penumbra by 1,139.3% in the second quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock worth $162,571,000 after purchasing an additional 582,369 shares in the last quarter. Norges Bank acquired a new stake in Penumbra in the second quarter worth about $114,014,000. Qube Research & Technologies Ltd bought a new position in Penumbra in the 2nd quarter valued at about $53,818,000. Man Group plc increased its stake in Penumbra by 1,862.2% during the 2nd quarter. Man Group plc now owns 206,461 shares of the company’s stock valued at $52,984,000 after buying an additional 195,939 shares during the period. Finally, AQR Capital Management LLC increased its stake in Penumbra by 139.4% during the 2nd quarter. AQR Capital Management LLC now owns 330,990 shares of the company’s stock valued at $84,939,000 after buying an additional 192,734 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Trading Down 0.0%

Shares of NYSE:PEN opened at $338.90 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.18 and a current ratio of 6.73. The stock has a market capitalization of $13.27 billion, a price-to-earnings ratio of 81.08, a PEG ratio of 2.09 and a beta of 0.81. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company has a 50 day moving average price of $326.13 and a 200 day moving average price of $283.45.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PEN shares. JPMorgan Chase & Co. raised shares of Penumbra from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $275.00 to $370.00 in a research note on Thursday, December 18th. Evercore reissued an “outperform” rating and set a $340.00 target price on shares of Penumbra in a report on Monday, January 5th. Truist Financial downgraded Penumbra from a “buy” rating to a “hold” rating and upped their target price for the stock from $370.00 to $374.00 in a research report on Friday, January 16th. Citigroup cut Penumbra from a “buy” rating to a “neutral” rating and lifted their price target for the company from $350.00 to $374.00 in a research report on Thursday, January 15th. Finally, Piper Sandler downgraded 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 investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $358.00.

Insider Buying and Selling

In other news, Director Harpreet Grewal sold 186 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $312.64, for a total transaction of $58,151.04. Following the sale, the director directly owned 8,230 shares of the company’s stock, valued at $2,573,027.20. The trade was a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Johanna Roberts sold 300 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $300.13, for a total value of $90,039.00. Following the sale, the executive vice president directly owned 63,836 shares of the company’s stock, valued at approximately $19,159,098.68. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,172 shares of company stock worth $10,015,279 over the last quarter. 5.00% of the stock is currently owned by insiders.

Penumbra Profile

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.