Abbot Financial Management Inc. Grows Stake in Penumbra, Inc. (NYSE:PEN)

Abbot Financial Management Inc. increased its stake in shares of Penumbra, Inc. (NYSE:PEN) by 13.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,542 shares of the company’s stock after purchasing an additional 304 shares during the period. Abbot Financial Management Inc.’s holdings in Penumbra were worth $457,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PEN. Mather Group LLC. acquired a new position in shares of Penumbra during the first quarter valued at approximately $29,000. Quest Partners LLC acquired a new stake in Penumbra during the 4th quarter worth $71,000. WASHINGTON TRUST Co acquired a new stake in Penumbra during the 2nd quarter worth $54,000. Headlands Technologies LLC purchased a new stake in shares of Penumbra during the first quarter worth $89,000. Finally, RiverPark Advisors LLC raised its position in shares of Penumbra by 360.9% in the first quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock valued at $113,000 after buying an additional 397 shares during the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Price Performance

Penumbra stock opened at $187.54 on Tuesday. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34. The firm has a market capitalization of $7.28 billion, a PE ratio of 79.13, a P/E/G ratio of 2.24 and a beta of 0.54. 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 firm’s 50-day simple moving average is $189.50 and its 200 day simple moving average is $200.14.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 earnings per share. On average, equities research analysts predict that Penumbra, Inc. will post 2.63 EPS for the current fiscal year.

Insider Transactions at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.99, for a total transaction of $30,598.30. Following the transaction, the director now owns 1,005 shares in the company, valued at approximately $180,889.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The disclosure for this sale can be found here. Insiders have sold a total of 19,372 shares of company stock worth $3,888,852 in the last three months. Company insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PEN has been the subject of several research reports. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Citigroup lifted their target price on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. BTIG Research increased their price target on shares of Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Truist Financial reaffirmed a “buy” rating and issued a $200.00 price target (down previously from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Morgan Stanley cut their price objective on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $205.27.

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.