Form 4: Penumbra Executive Sells Shares Under 10b5-1 Plan

Penumbra's EVP, General Counsel, and Secretary, Johanna Roberts, sold 1,800 shares of common stock for $300.06 per share under a pre-arranged trading plan.

Summary

• Johanna Roberts, Executive Vice President, General Counsel, and Secretary of Penumbra Inc. (PEN), reported a transaction involving the company's common stock.
• The transaction, which occurred on November 25, 2025, was a disposition of 1,800 shares of common stock.
• The shares were sold at a weighted average price of $300.06 per share, with individual trades ranging from $300.00 to $300.54.
• This sale was executed pursuant to a Rule 10b5-1 trading plan, which was pre-established by the reporting person.
• Following this transaction, Johanna Roberts beneficially owns 64,736 shares of Penumbra Common Stock, a portion of which is subject to vesting.

Sentiment

Score: 5

Explanation: The sale of shares by an insider is generally viewed with caution, but the execution under a Rule 10b5-1 plan suggests a pre-scheduled event rather than a reaction to new, undisclosed information, making the sentiment neutral.

Positives

• The sale was executed at a strong price of $300.06 per share.
• The transaction was pre-arranged under a Rule 10b5-1 trading plan, indicating a planned disposition rather than an immediate reaction to new information.

Negatives

• An insider sale, even under a 10b5-1 plan, can sometimes be perceived negatively by the market as it reduces insider ownership.
• The sale of 1,800 shares represents a reduction in the reporting person's direct beneficial ownership.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May interpret the insider sale differently; some might see it as a negative signal, while others will recognize the 10b5-1 plan as a pre-scheduled liquidity event.

Key Dates

Recommendation

The insider sale was conducted under a pre-arranged 10b5-1 plan, which typically signals a planned liquidity event rather than a reaction to new material non-public information. While insider sales can sometimes be a bearish signal, the context of a 10b5-1 plan mitigates this concern. Without additional information on the company's performance or strategic direction, this single transaction does not warrant a change from a 'hold' position.

Keywords

Penumbra, PEN, insider trading, Form 4, stock sale, Johanna Roberts, 10b5-1 plan, executive compensation, beneficial ownership