Machina Capital Acquires Stake in Penumbra, Boosting Investment Activity

Machina Capital S.A.S. has acquired a new position in Penumbra, Inc. (NYSE:PEN) during the second quarter, as reported in its recent filing with the Securities and Exchange Commission. The investment firm purchased 1,438 shares of Penumbra’s stock, a transaction valued at approximately $369,000. This move highlights an increasing interest from institutional investors in the medical device manufacturer.

Several other hedge funds have also made recent adjustments to their holdings in Penumbra. Notably, Vanguard Group Inc. raised its stake by 0.7% in the first quarter, now owning 3,675,349 shares valued at $982.8 million. This increase followed the acquisition of an additional 24,727 shares. Similarly, JPMorgan Chase & Co. significantly boosted its position by 437%, acquiring 572,606 shares during the same period, bringing its total to 703,634 shares worth $188.2 million.

Investment activities continued with Allspring Global Investments Holdings LLC increasing its position by 0.3% in the second quarter, now holding 322,030 shares valued at $80.7 million. Charles Schwab Investment Management also raised its holdings by 4.5%, acquiring an additional 12,247 shares. This brings its total to 283,821 shares valued at $75.9 million. Additionally, Lord Abbett & Co. LLC entered a new position in Penumbra worth $63.7 million. Currently, institutional investors hold about 88.88% of Penumbra’s stock.

Insider Trading Activity

In related news, insider trading activity has also been noted. Executive Vice President Johanna Roberts sold 600 shares of Penumbra stock on October 1, 2023, at an average price of $249.70, amounting to a total transaction value of $149,820. Following this sale, Roberts retains ownership of 64,257 shares valued at approximately $16 million, reflecting a 0.93% decrease in her ownership.

Similarly, Director Harpreet Grewal sold 186 shares on October 2, 2023, at an average price of $248.61, totaling $46,241.46. After this transaction, Grewal owns 8,702 shares, valued at around $2.2 million, marking a 2.09% decrease in his position. Over the last quarter, insiders have sold a total of 48,430 shares valued at $12.5 million, with insiders holding 4.20% of the company’s stock.

Analysts’ Ratings and Market Performance

Penumbra’s stock has recently experienced a 4.1% increase amid these developments. Analysts have weighed in on the company’s performance, with several recent changes to stock ratings. Truist Financial revised its target price from $310.00 to $300.00, maintaining a “buy” rating. Meanwhile, BTIG Research reiterated a “buy” rating with a target price of $320.00. Needham & Company LLC also restated a “buy” rating, issuing a target price of $326.00.

According to MarketBeat.com, the consensus rating for Penumbra is “Moderate Buy,” with a consensus price target of $305.94. One analyst rates the stock as a Strong Buy, while fourteen others have issued Buy ratings, and three have given it a Hold rating.

Penumbra, Inc. specializes in designing, developing, manufacturing, and marketing medical devices both in the United States and internationally. Its product lineup includes innovative devices such as the Indigo System for thrombus aspiration, the Lightning Flash mechanical thrombectomy system, and the Lightning Bolt 7 arterial thrombectomy system.

For those interested in tracking hedge fund movements, the latest 13F filings and insider trades for Penumbra can be accessed through financial information platforms.