Penumbra, Inc. (NYSE:PEN) Stock Holdings Trimmed by Highland Capital Management LLC

Highland Capital Management LLC lessened its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 3.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 3,838 shares of the company’s stock after selling 144 shares during the quarter. Highland Capital Management LLC’s holdings in Penumbra were worth $746,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PEN. 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 valued at $33,000 after buying an additional 90 shares in the last quarter. WASHINGTON TRUST Co acquired a new position in shares of Penumbra during the second quarter valued at approximately $54,000. Park Place Capital Corp raised its holdings in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Penumbra in the first quarter worth approximately $89,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Stock Performance

Shares of PEN stock opened at $204.71 on Friday. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 602.09, a P/E/G ratio of 2.35 and a beta of 0.54. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The stock’s fifty day simple moving average is $198.70 and its 200-day simple moving average is $193.97.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. The company had revenue of $299.40 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 EPS. On average, sell-side analysts predict that Penumbra, Inc. will post 2.58 earnings per share for the current fiscal year.

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

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 925,962 shares in the company, valued at $185,192,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred 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 directly owns 925,962 shares in the company, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,368 shares of company stock valued at $6,893,118. Corporate insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PEN shares. Wells Fargo & Company downgraded Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Leerink Partners initiated coverage on shares of Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. Morgan Stanley dropped their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Robert W. Baird reduced their target price on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, Royal Bank of Canada upped their price target on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $220.17.

Penumbra Company 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.