Sei Investments Co. Increases Holdings in Penumbra, Inc. (NYSE:PEN)

Sei Investments Co. boosted its position in Penumbra, Inc. (NYSE:PEN) by 103.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 80,490 shares of the company’s stock after purchasing an additional 40,985 shares during the period. Sei Investments Co.’s holdings in Penumbra were worth $14,486,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Mather Group LLC. bought a new position in shares of Penumbra during the 1st quarter valued at $29,000. WASHINGTON TRUST Co bought a new position in shares of Penumbra during the second quarter valued at about $54,000. Quest Partners LLC purchased a new position in shares of Penumbra in the fourth quarter worth about $71,000. Headlands Technologies LLC bought a new stake in shares of Penumbra in the 1st quarter valued at about $89,000. Finally, RiverPark Advisors LLC boosted its holdings in Penumbra by 360.9% during the 1st quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock valued at $113,000 after acquiring an additional 397 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Penumbra

In other Penumbra news, Director Don W. Kassing sold 170 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.99, for a total transaction of $30,598.30. Following the completion of the sale, the director now directly owns 1,005 shares in the company, valued at approximately $180,889.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares in the company, valued at $10,855,854.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $179.99, for a total transaction of $30,598.30. Following the completion of the sale, the director now directly owns 1,005 shares of the company’s stock, valued at approximately $180,889.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,372 shares of company stock valued at $6,854,502. 5.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PEN. Leerink Partners began coverage on Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective for the company. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Morgan Stanley cut their price target 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. Stifel Nicolaus initiated coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Finally, BTIG Research raised their target price on Penumbra from $187.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Six equities research 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’s stock. Based on data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

Penumbra Price Performance

Shares of NYSE PEN opened at $191.63 on Friday. The company has a 50 day simple moving average of $190.01 and a two-hundred day simple moving average of $197.78. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 80.86, a P/E/G ratio of 2.22 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25.

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, beating analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter in the previous year, the business earned $0.43 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts expect that Penumbra, Inc. will post 2.59 EPS for the current fiscal year.

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

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.