Braidwell LP Purchases 148,834 Shares of Penumbra, Inc. (NYSE:PEN)

Braidwell LP increased its position in shares of Penumbra, Inc. (NYSE:PEN) by 70.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 361,428 shares of the company’s stock after purchasing an additional 148,834 shares during the period. Penumbra makes up 2.0% of Braidwell LP’s portfolio, making the stock its 19th largest holding. Braidwell LP owned about 0.94% of Penumbra worth $70,229,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Vestal Point Capital LP purchased a new stake in Penumbra in the third quarter worth $2,915,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Penumbra by 1.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,571 shares of the company’s stock worth $18,959,000 after purchasing an additional 995 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Penumbra by 15.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,225 shares of the company’s stock worth $1,404,000 after buying an additional 953 shares during the period. Cynosure Group LLC lifted its holdings in Penumbra by 51.0% during the 3rd quarter. Cynosure Group LLC now owns 3,087 shares of the company’s stock valued at $600,000 after buying an additional 1,043 shares in the last quarter. Finally, FMR LLC boosted its position in Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after buying an additional 121,465 shares during the period. 88.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PEN. Canaccord Genuity Group increased their price objective on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Robert W. Baird upped their price objective on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Citigroup raised their target price on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Stifel Nicolaus initiated coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Finally, Royal Bank of Canada upped their target price on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $230.92.

Penumbra Stock Down 1.9 %

PEN stock opened at $244.15 on Friday. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. The firm has a market cap of $9.37 billion, a PE ratio of 283.90, a P/E/G ratio of 2.46 and a beta of 0.51. The firm has a 50 day simple moving average of $215.77 and a 200 day simple moving average of $198.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 EPS. Equities research analysts forecast that Penumbra, Inc. will post 2.81 earnings per share for the current fiscal year.

Penumbra declared that its Board of Directors has initiated a share buyback plan on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the completion of the transaction, the director now directly owns 8,863 shares of the company’s stock, valued at $1,809,026.93. This trade represents a 8.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 47,748 shares of company stock valued at $10,166,574. 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.