Holocene Advisors LP Makes New $7.89 Million Investment in Penumbra, Inc. (NYSE:PEN)

Holocene Advisors LP bought a new position in shares of Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, Holdings Channel reports. The fund bought 40,621 shares of the company’s stock, valued at approximately $7,893,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PEN. True Wealth Design LLC purchased a new stake in Penumbra during the third quarter worth about $26,000. GAMMA Investing LLC boosted its stake in shares of Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after acquiring an additional 90 shares in the last quarter. WASHINGTON TRUST Co acquired a new stake in shares of Penumbra in the 2nd quarter worth approximately $54,000. Park Place Capital Corp increased its stake in Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after purchasing an additional 339 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Penumbra by 1,845.0% during 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 last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Price Performance

PEN opened at $245.24 on Wednesday. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The company’s 50 day simple moving average is $218.84 and its 200 day simple moving average is $199.03. The stock has a market capitalization of $9.41 billion, a PE ratio of 285.16, a P/E/G ratio of 2.46 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 data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same period in the previous year, the company earned $0.67 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Penumbra, Inc. will post 2.81 EPS for the current year.

Penumbra announced that its Board of Directors has initiated a share buyback program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total value of $114,456.00. Following the completion of the sale, the executive vice president now owns 60,488 shares of the company’s stock, valued at $11,538,690.88. This trade represents a 0.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,418 shares of company stock valued at $10,624,973 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

PEN has been the subject of a number of research analyst reports. Leerink Partners assumed coverage on Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. Royal Bank of Canada upped their price target on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Robert W. Baird raised their price objective on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Finally, Piper Sandler increased their target price on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and a consensus price target of $230.92.

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.