SpiderRock Advisors LLC Makes New $514,000 Investment in Penumbra, Inc. (NYSE:PEN)

SpiderRock Advisors LLC bought a new stake in Penumbra, Inc. (NYSE:PEN) in the third quarter, Holdings Channel.com reports. The firm bought 2,645 shares of the company’s stock, valued at approximately $514,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PEN. Vanguard Group Inc. raised its stake in Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the period. Champlain Investment Partners LLC grew its position in Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after acquiring an additional 616,700 shares during the period. Bank of New York Mellon Corp increased its stake in Penumbra by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after acquiring an additional 4,814 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Penumbra by 96.7% in the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after purchasing an additional 126,392 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Penumbra by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock valued at $41,604,000 after purchasing an additional 3,973 shares during the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the sale, the executive vice president now directly owns 61,088 shares in the company, valued at $12,597,567.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the transaction, the executive vice president now directly owns 61,088 shares in the company, valued at approximately $12,597,567.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total transaction of $159,614.02. Following the sale, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,768 shares of company stock worth $6,787,530. Company insiders own 5.00% of the company’s stock.

Penumbra Stock Up 2.5 %

PEN opened at $242.41 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. The stock has a market capitalization of $9.30 billion, a P/E ratio of 281.87, a P/E/G ratio of 2.40 and a beta of 0.51. The business has a 50 day simple moving average of $203.91 and a 200-day simple moving average of $194.76.

Penumbra (NYSE:PEN) last issued its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. The company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 EPS. On average, equities analysts anticipate that Penumbra, Inc. will post 2.79 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Citigroup increased their price objective on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Canaccord Genuity Group upped their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Leerink Partners initiated coverage on Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price for the company. Finally, Morgan Stanley reduced their price target on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $226.67.

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.