Penumbra, Inc. (NYSE:PEN) Shares Acquired by Algert Global LLC

Algert Global LLC boosted its position in Penumbra, Inc. (NYSE:PEN) by 177.0% in the second quarter, HoldingsChannel.com reports. The firm owned 28,118 shares of the company’s stock after purchasing an additional 17,968 shares during the quarter. Algert Global LLC’s holdings in Penumbra were worth $5,060,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PEN. Vanguard Group Inc. raised its stake in shares of Penumbra by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after buying an additional 32,557 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in Penumbra by 131.8% in the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after acquiring an additional 616,700 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Penumbra by 12.2% during the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after purchasing an additional 90,444 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Penumbra by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after purchasing an additional 4,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Penumbra by 96.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock worth $46,257,000 after purchasing an additional 126,392 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction 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 approximately $10,855,854.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction 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 owns 925,962 shares in the company, valued at approximately $185,192,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. The disclosure for this sale can be found here. Insiders have sold a total of 33,602 shares of company stock valued at $6,716,384 in the last three months. Insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

PEN has been the subject of a number of research reports. Canaccord Genuity Group reduced their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Morgan Stanley decreased their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target on the stock. Finally, 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 research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $208.00.

Penumbra Stock Performance

Shares of PEN opened at $191.55 on Monday. The company has a market capitalization of $7.44 billion, a PE ratio of 80.82, a PEG ratio of 2.18 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. The company’s 50 day moving average price is $190.06 and its 200 day moving average price is $196.84. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business had revenue of $299.40 million for the quarter, compared to analysts’ expectations of $298.24 million. During the same period in the previous year, the company posted $0.43 EPS. Penumbra’s revenue was up 14.5% on a year-over-year basis. Research analysts expect that Penumbra, Inc. will post 2.59 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has authorized a share repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.