First Hawaiian Bank Takes Position in Penumbra, Inc. (NYSE:PEN)

First Hawaiian Bank purchased a new position in Penumbra, Inc. (NYSE:PEN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,875 shares of the company’s stock, valued at approximately $1,597,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PEN. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Penumbra by 171.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock worth $27,000 after buying an additional 67 shares during the period. Mather Group LLC. bought a new stake in shares of Penumbra during the first quarter worth $29,000. Signaturefd LLC boosted its stake in shares of Penumbra by 27.2% during the fourth quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after purchasing an additional 46 shares during the period. Quest Partners LLC bought a new position in shares of Penumbra in the fourth quarter worth about $71,000. Finally, Picton Mahoney Asset Management purchased a new position in Penumbra in the 4th quarter worth about $88,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.20, for a total value of $107,520.00. Following the sale, the executive vice president now directly owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $200.98, for a total value of $3,014,700.00. Following the completion of the transaction, the chief executive officer now owns 942,582 shares in the company, valued at $189,440,130.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.20, for a total value of $107,520.00. Following the sale, the executive vice president now owns 62,288 shares in the company, valued at $11,162,009.60. The disclosure for this sale can be found here. Insiders sold a total of 31,970 shares of company stock valued at $6,428,404 over the last 90 days. Insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PEN shares. Piper Sandler decreased their target price on Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Royal Bank of Canada dropped their price objective on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. BTIG Research reduced their price objective on shares of Penumbra from $232.00 to $187.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Morgan Stanley cut their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.60.

Penumbra Stock Performance

PEN traded down $1.57 on Tuesday, reaching $175.99. 229,149 shares of the stock were exchanged, compared to its average volume of 373,187. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.51. The company’s 50-day moving average price is $183.89 and its 200 day moving average price is $213.42. The firm has a market capitalization of $6.82 billion, a PE ratio of 74.26, a PEG ratio of 1.85 and a beta of 0.55. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $302.00.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same period last year, the business posted $0.43 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Penumbra, Inc. will post 2.74 EPS for the current fiscal year.

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.