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                    <ccc>XXXXXXXX</ccc>
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            <liveTestFlag>LIVE</liveTestFlag>



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            <issuerName>PENUMBRA, INC.</issuerName>
            <secFileNumber>001-37557</secFileNumber>
            <issuerAddress>
                <ns2:street1>One Penumbra Place</ns2:street1>
                <ns2:city>Alameda</ns2:city>
                <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                <ns2:zipCode>94502</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(510) 748-3200</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>LAMBERT SHIU</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
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        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>501</noOfUnitsSold>
            <aggregateMarketValue>141722.88</aggregateMarketValue>
            <noOfUnitsOutstanding>38515949</noOfUnitsOutstanding>
            <approxSaleDate>03/04/2025</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
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            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>05/19/2018</acquiredDate>
            <natureOfAcquisitionTransaction>Employee Stock Purchase Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>181</amountOfSecuritiesAcquired>
            <paymentDate>05/19/2018</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>11/20/2017</acquiredDate>
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            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>68</amountOfSecuritiesAcquired>
            <paymentDate>11/20/2017</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>11/19/2023</acquiredDate>
            <natureOfAcquisitionTransaction>Employee Stock Purchase Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>11</amountOfSecuritiesAcquired>
            <paymentDate>11/19/2023</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
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            <natureOfAcquisitionTransaction>Employee Stock Purchase Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>205</amountOfSecuritiesAcquired>
            <paymentDate>05/19/2019</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
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            <natureOfAcquisitionTransaction>Employee Stock Purchase Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>36</amountOfSecuritiesAcquired>
            <paymentDate>11/19/2018</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>LAMBERT SHIU</name>
                <address>
                    <ns2:street1>One Penumbra Place</ns2:street1>
                    <ns2:city>Alameda</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94502</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>03/03/2025</saleDate>
            <amountOfSecuritiesSold>295</amountOfSecuritiesSold>
            <grossProceeds>84374.72</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>LAMBERT SHIU</name>
                <address>
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                    <ns2:zipCode>94502</ns2:zipCode>
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            <securitiesClassTitle>Common</securitiesClassTitle>
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            <grossProceeds>84660.74</grossProceeds>
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        <securitiesSoldInPast3Months>
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                    <ns2:zipCode>94502</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>03/03/2025</saleDate>
            <amountOfSecuritiesSold>177</amountOfSecuritiesSold>
            <grossProceeds>50624.83</grossProceeds>
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        <securitiesSoldInPast3Months>
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                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94502</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
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            <amountOfSecuritiesSold>557</amountOfSecuritiesSold>
            <grossProceeds>159310.91</grossProceeds>
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                    <ns2:zipCode>94502</ns2:zipCode>
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            <securitiesClassTitle>Common</securitiesClassTitle>
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            <amountOfSecuritiesSold>245</amountOfSecuritiesSold>
            <grossProceeds>70073.92</grossProceeds>
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        <securitiesSoldInPast3Months>
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                    <ns2:zipCode>94502</ns2:zipCode>
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        <securitiesSoldInPast3Months>
            <sellerDetails>
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                    <ns2:zipCode>94502</ns2:zipCode>
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            </sellerDetails>
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            <grossProceeds>84374.72</grossProceeds>
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        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>LAMBERT SHIU</name>
                <address>
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                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94502</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>03/03/2025</saleDate>
            <amountOfSecuritiesSold>473</amountOfSecuritiesSold>
            <grossProceeds>135285.57</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>LAMBERT SHIU</name>
                <address>
                    <ns2:street1>One Penumbra Place</ns2:street1>
                    <ns2:city>Alameda</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94502</ns2:zipCode>
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        <securitiesSoldInPast3Months>
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        <noticeSignature>
            <noticeDate>03/04/2025</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>11/27/2024</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Lambert M Shiu</signature>
        </noticeSignature>
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144
0001796068
XXXXXXXX
LIVE
0001321732
PENUMBRA, INC.
001-37557
One Penumbra Place
Alameda
CA
94502
(510) 748-3200
LAMBERT SHIU
Officer
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
501
141722.88
38515949
03/04/2025
NYSE
Common
05/19/2018
Employee Stock Purchase Plan
ISSUER
N
181
05/19/2018
Cash
Common
11/20/2017
Employee Stock Purchase Plan
ISSUER
N
68
11/20/2017
Cash
Common
11/19/2023
Employee Stock Purchase Plan
ISSUER
N
11
11/19/2023
Cash
Common
05/19/2019
Employee Stock Purchase Plan
ISSUER
N
205
05/19/2019
Cash
Common
11/19/2018
Employee Stock Purchase Plan
ISSUER
N
36
11/19/2018
Cash
N
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
295
84374.72
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
296
84660.74
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
177
50624.83
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
557
159310.91
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
245
70073.92
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
177
50624.83
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
295
84374.72
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
473
135285.57
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
245
70073.92
LAMBERT SHIU
One Penumbra Place
Alameda
CA
94502
Common
03/03/2025
4528
1294449.24
03/04/2025
11/27/2024
/s/ Lambert M Shiu