Diversify Wealth Management LLC Makes New Investment in Penumbra, Inc. (NYSE:PEN)

Diversify Wealth Management LLC bought a new stake in shares of Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,207 shares of the company’s stock, valued at approximately $246,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Silvercrest Asset Management Group LLC boosted its holdings in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after acquiring an additional 55 shares in the last quarter. ProShare Advisors LLC raised its stake in Penumbra by 2.9% in the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after buying an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in Penumbra by 3.9% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock worth $336,000 after buying an additional 65 shares during the period. Creative Planning boosted its position in Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after acquiring an additional 71 shares in the last quarter. Finally, Arcadia Investment Management Corp MI grew its holdings in shares of Penumbra by 7.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after acquiring an additional 74 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Up 2.0 %

Shares of Penumbra stock opened at $233.38 on Friday. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average is $200.81 and its 200 day moving average is $193.96. The company has a market cap of $9.06 billion, a price-to-earnings ratio of 271.37, a price-to-earnings-growth ratio of 2.42 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.85%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.67 EPS. Research analysts anticipate that Penumbra, Inc. will post 2.58 EPS for the current year.

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

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the transaction, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total value of $324,000.00. Following the transaction, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the transaction, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,368 shares of company stock worth $6,893,118. 5.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on PEN. Morgan Stanley lowered their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Truist Financial raised their price objective on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Piper Sandler increased their target price on Penumbra from $225.00 to $235.00 and gave the stock an “overweight” rating in a research note on Thursday. Royal Bank of Canada lifted their price target on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Leerink Partners started coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective on the stock. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $226.67.

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.