Penumbra, Inc. (NYSE:PEN) Position Reduced by Swiss National Bank

Swiss National Bank cut its position in shares of Penumbra, Inc. (NYSE:PEN) by 0.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,900 shares of the company’s stock after selling 500 shares during the quarter. Swiss National Bank owned 0.19% of Penumbra worth $13,971,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Silvercrest Asset Management Group LLC lifted its stake in Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after buying an additional 55 shares in the last quarter. ProShare Advisors LLC lifted its stake in Penumbra by 2.9% during the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after buying an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its stake in Penumbra by 3.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after buying an additional 65 shares in the last quarter. Creative Planning lifted its stake in Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after buying an additional 71 shares in the last quarter. Finally, Arcadia Investment Management Corp MI lifted its stake in Penumbra by 7.9% during the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock valued at $181,000 after buying an additional 74 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Stifel Nicolaus initiated coverage on shares of Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target for the company. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Piper Sandler increased their price target on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Citigroup increased their price target 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. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $227.92.

Penumbra Trading Up 1.9 %

NYSE:PEN opened at $244.95 on Friday. The stock’s 50 day moving average price is $211.55 and its 200 day moving average price is $197.25. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34. The company has a market capitalization of $9.40 billion, a P/E ratio of 284.83, a P/E/G ratio of 2.40 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 quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $297.36 million. During the same quarter last year, the company posted $0.67 earnings per share. The company’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 2.79 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has initiated a stock repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now owns 8,697 shares in the company, valued at $1,659,648.51. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on 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 owns 61,088 shares in the company, valued at approximately $12,597,567.36. This trade represents a 0.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,748 shares of company stock worth $10,166,574 over the last 90 days. Insiders own 5.00% of the company’s stock.

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.