Johanna Roberts, Executive Vice President, General Counsel, and Secretary at Penumbra Inc (NYSE:PEN), recently sold shares of the company's stock. According to a Form 4 filing with the Securities and Exchange Commission, Roberts sold a total of 600 shares on December 2, 2024. The transactions were executed at prices ranging from $242.50 to $245.15 per share, amounting to a total sale value of approximately $146,696. The sale comes as Penumbra, now valued at $9.4 billion, shows strong financial health according to InvestingPro metrics.
The sales were conducted under Roberts' Rule 10b5-1 trading plan, a pre-arranged trading strategy that allows company insiders to sell a predetermined number of shares at a set time, helping to avoid concerns about insider trading. Following these transactions, Roberts retains ownership of 63,444 shares in Penumbra, with some of these shares subject to vesting conditions. The stock has gained nearly 29% over the past six months, though InvestingPro analysis suggests current valuations exceed Fair Value.
Penumbra, based in Alameda, California, specializes in the development and manufacture of innovative medical devices. The company's stock is traded on the New York Stock Exchange under the ticker symbol PEN. With a gross profit margin of 63% and strong cash flows, the company maintains robust financial metrics. Discover more insights about PEN and access detailed Pro Research Reports covering 1,400+ stocks on InvestingPro.
In other recent news, Penumbra, Inc. reported significant developments in its operations and financial performance. The healthcare company revealed that its computer assisted vacuum thrombectomy (CAVT) technology has led to shorter hospital stays and fewer complications for patients with intermediate-risk pulmonary embolism. This finding was supported by a study involving 2,060 patients, which showed that CAVT treatment resulted in 25-35% shorter hospital stays and significantly fewer complications. The data also suggested a potential economic benefit for hospitals, indicating that an increase in CAVT usage could lead to substantial savings.
In financial news, Penumbra reported an 11.1% year-over-year increase in its Q3/24 revenue, reaching $301.0 million, exceeding Canaccord Genuity's estimate. The U.S. thrombectomy business saw a substantial increase, with year-over-year growth of 32% and quarter-over-quarter growth of 13%. The company reiterated its full-year 2024 revenue guidance, projected to be between $1,180 million and $1,200 million, representing a year-over-year growth of 11.5% to 13.4%.
Canaccord Genuity responded to these developments by increasing its price target for Penumbra from $235 to $260 while maintaining a Buy rating. However, despite strong performance in the U.S. market, Penumbra faced challenges in international markets, particularly in China, which experienced a $13.6 million drop in sales. Despite these challenges, the company continues to focus on strategic initiatives to enhance its product portfolio.
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