Paloma Partners Management Co Acquires New Shares in Penumbra, Inc. (NYSE:PEN)

Paloma Partners Management Co acquired a new position in shares of Penumbra, Inc. (NYSE:PEN) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,300 shares of the company’s stock, valued at approximately $253,000.

Several other large investors have also recently added to or reduced their stakes in the stock. True Wealth Design LLC bought a new position in shares of Penumbra during the third quarter worth about $26,000. GAMMA Investing LLC grew its position in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co acquired a new stake in shares of Penumbra in the second quarter valued at approximately $54,000. Park Place Capital Corp raised its holdings in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after buying an additional 339 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after buying an additional 369 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Price Performance

NYSE PEN opened at $237.23 on Friday. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The business’s fifty day moving average is $222.02 and its two-hundred day moving average is $199.93. The stock has a market capitalization of $9.10 billion, a P/E ratio of 275.85, a P/E/G ratio of 2.47 and a beta of 0.51. 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 (NYSE:PEN) last announced its 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 return on equity of 8.99% and a net margin of 2.97%. The company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the firm earned $0.67 earnings per share. Penumbra’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts forecast that Penumbra, Inc. will post 2.81 earnings per share for the current fiscal year.

Penumbra announced that its board has initiated a share repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective on the stock. BTIG Research increased their target price on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Royal Bank of Canada boosted their price target on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Piper Sandler increased their price objective on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $230.92.

Insiders Place Their Bets

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total transaction of $114,456.00. Following the transaction, the executive vice president now owns 60,488 shares in the company, valued at approximately $11,538,690.88. The trade was a 0.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $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 quarter, insiders have sold 49,418 shares of company stock worth $10,624,973. 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.