Insider Selling: Penumbra, Inc. (NYSE:PEN) Director Sells 166 Shares of Stock

Penumbra, Inc. (NYSE:PEN) Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Harpreet Grewal also recently made the following trade(s):

• On Wednesday, September 4th, Harpreet Grewal sold 782 shares of Penumbra stock. The stock was sold at an average price of $204.11, for a total value of $159,614.02.

Penumbra Price Performance

Shares of Penumbra stock traded up $1.97 during trading on Thursday, reaching $194.99. The company’s stock had a trading volume of 295,371 shares, compared to its average volume of 384,454. The business has a 50 day moving average price of $190.26 and a 200-day moving average price of $196.35. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a market capitalization of $7.57 billion, a P/E ratio of 82.27, a price-to-earnings-growth ratio of 2.18 and a beta of 0.54. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.56 by $0.08. The company had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. As a group, sell-side analysts anticipate that Penumbra, Inc. will post 2.59 EPS for the current year.

Penumbra announced that its board has initiated a share buyback plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Penumbra

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mather Group LLC. acquired a new stake in shares of Penumbra in the 1st quarter worth approximately $29,000. WASHINGTON TRUST Co purchased a new stake in Penumbra during the second quarter worth $54,000. Northwestern Mutual Wealth Management Co. grew its holdings in Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after purchasing an additional 369 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Penumbra in the first quarter valued at $89,000. Finally, RiverPark Advisors LLC raised its stake in shares of Penumbra by 360.9% during the 1st quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock worth $113,000 after buying an additional 397 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PEN shares. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. BTIG Research increased their price target on shares of Penumbra from $187.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Truist Financial reissued a “buy” rating and set a $200.00 price objective (down from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Morgan Stanley decreased their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Finally, Royal Bank of Canada lowered their price target on Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a report 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $208.00.

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.