Retirement Systems of Alabama Has $12.15 Million Stock Holdings in Penumbra, Inc. $PEN

Retirement Systems of Alabama increased its position in Penumbra, Inc. (NYSE:PEN) by 1.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 47,333 shares of the company’s stock after purchasing an additional 622 shares during the quarter. Retirement Systems of Alabama’s holdings in Penumbra were worth $12,147,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PEN. Synergy Investment Management LLC acquired a new stake in shares of Penumbra in the 1st quarter valued at about $27,000. First Horizon Advisors Inc. grew its stake in shares of Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock valued at $28,000 after buying an additional 85 shares during the period. AlphaQuest LLC acquired a new stake in shares of Penumbra in the 1st quarter valued at about $66,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Penumbra in the 1st quarter valued at about $76,000. Finally, Spire Wealth Management acquired a new position in Penumbra during the 2nd quarter valued at about $91,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Price Performance

Penumbra stock opened at $227.34 on Friday. Penumbra, Inc. has a 52 week low of $207.58 and a 52 week high of $310.00. The company’s 50 day moving average price is $258.44 and its two-hundred day moving average price is $259.62. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. The stock has a market cap of $8.87 billion, a P/E ratio of 60.46, a P/E/G ratio of 2.10 and a beta of 0.41.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Truist Financial cut their price target on Penumbra from $310.00 to $300.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. BTIG Research reiterated a “buy” rating and set a $320.00 price target on shares of Penumbra in a research note on Monday, October 27th. Canaccord Genuity Group set a $350.00 price target on Penumbra and gave the company a “buy” rating in a research note on Wednesday, July 30th. William Blair upgraded Penumbra to a “strong-buy” rating in a research note on Friday, July 18th. Finally, Wells Fargo & Company set a $290.00 price target on Penumbra in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $305.94.

Insider Activity

In other Penumbra news, CEO Adam Elsesser sold 16,030 shares of Penumbra stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $238.20, for a total transaction of $3,818,346.00. Following the transaction, the chief executive officer owned 158,204 shares of the company’s stock, valued at $37,684,192.80. This trade represents a 9.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Wilder sold 372 shares of Penumbra stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total transaction of $89,339.52. Following the transaction, the director directly owned 372 shares in the company, valued at approximately $89,339.52. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 64,460 shares of company stock worth $16,322,614. Corporate insiders own 4.20% of the company’s stock.

Penumbra Profile

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.