Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser Sells 15,000 Shares

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total value of $3,559,200.00. Following the completion of the sale, the chief executive officer now directly owns 852,582 shares in the company, valued at $202,300,656.96. This trade represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Adam Elsesser also recently made the following trade(s):

• On Monday, October 21st, Adam Elsesser sold 15,000 shares of Penumbra stock. The stock was sold at an average price of $204.56, for a total transaction of $3,068,400.00.
• On Friday, September 20th, Adam Elsesser sold 15,000 shares of Penumbra stock. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00.

Penumbra Trading Up 1.8 %

PEN opened at $244.84 on Friday. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34. The company has a fifty day moving average of $211.55 and a 200-day moving average of $197.16. The stock has a market cap of $9.40 billion, a PE ratio of 284.70, a price-to-earnings-growth ratio of 2.44 and a beta of 0.51. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

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 analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The firm had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. During the same period last year, the business posted $0.67 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts predict that Penumbra, Inc. will post 2.79 EPS for the current year.

Penumbra declared that its board has initiated a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on PEN. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company downgraded Penumbra from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. BTIG Research boosted their price objective on Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Citigroup increased their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Finally, Canaccord Genuity Group boosted their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $227.92.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in shares of Penumbra by 2.1% during the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after acquiring an additional 121,465 shares during the period. Vanguard Group Inc. increased its stake in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares in the last quarter. Champlain Investment Partners LLC raised its holdings in shares of Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after purchasing an additional 264,122 shares during the period. State Street Corp raised its holdings in shares of Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after purchasing an additional 3,863 shares during the period. Finally, RTW Investments LP boosted its position in shares of Penumbra by 7.2% during the 3rd quarter. RTW Investments LP now owns 795,750 shares of the company’s stock worth $154,622,000 after purchasing an additional 53,645 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

About Penumbra

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.