Penumbra, Inc. (NYSE:PEN) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA cut its position in shares of Penumbra, Inc. (NYSE:PEN) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,280 shares of the company’s stock after selling 650 shares during the quarter. Primecap Management Co. CA’s holdings in Penumbra were worth $7,632,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PEN. Advisors Asset Management Inc. grew its holdings in shares of Penumbra by 11.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after purchasing an additional 43 shares during the period. LMR Partners LLP acquired a new position in Penumbra during the third quarter valued at approximately $2,330,000. S&CO Inc. grew its stake in Penumbra by 10.0% during the third quarter. S&CO Inc. now owns 5,500 shares of the company’s stock worth $1,068,000 after buying an additional 500 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Penumbra by 3,832.3% in the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after acquiring an additional 358,932 shares in the last quarter. Finally, Natixis Advisors LLC raised its stake in shares of Penumbra by 45.8% in the 3rd quarter. Natixis Advisors LLC now owns 27,725 shares of the company’s stock valued at $5,387,000 after acquiring an additional 8,705 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on PEN shares. Leerink Partners began coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Robert W. Baird boosted their target price on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Citigroup upped their target price on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Finally, BTIG Research lifted their price target on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Stock Performance

Shares of PEN stock opened at $244.95 on Friday. The stock has a market capitalization of $9.40 billion, a price-to-earnings ratio of 284.83, a PEG ratio of 2.40 and a beta of 0.51. The company’s 50-day simple moving average is $211.55 and its 200-day simple moving average is $197.25. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. During the same period last year, the firm posted $0.67 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities analysts anticipate that Penumbra, Inc. will post 2.79 earnings per share for the current fiscal year.

Penumbra declared that its Board of Directors has initiated a stock buyback program on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total value of $114,456.00. Following the sale, the executive vice president now directly owns 60,488 shares in the company, valued at approximately $11,538,690.88. This trade represents a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $237.28, for a total transaction of $3,559,200.00. Following the transaction, the chief executive officer now owns 852,582 shares of the company’s stock, valued at $202,300,656.96. This represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,748 shares of company stock worth $10,166,574 over the last ninety days. Company insiders own 5.00% 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.