Massachusetts Financial Services Co. MA Purchases New Shares in Penumbra, Inc. (NYSE:PEN)

Massachusetts Financial Services Co. MA purchased a new stake in shares of Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 164,503 shares of the company’s stock, valued at approximately $31,965,000.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co bought a new stake in Penumbra in the second quarter worth $54,000. Park Place Capital Corp boosted its holdings in Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted 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 worth $70,000 after acquiring an additional 369 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after acquiring an additional 43 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 directly owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The trade was a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,748 shares of company stock valued at $10,166,574 over the last 90 days. Company insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PEN. Royal Bank of Canada boosted their target price on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Leerink Partners started coverage on Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock. Canaccord Genuity Group boosted their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Finally, Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target for the company. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Penumbra currently has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Stock Down 0.1 %

Penumbra stock opened at $244.68 on Tuesday. The stock has a market cap of $9.39 billion, a PE ratio of 284.51, a price-to-earnings-growth ratio of 2.48 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. The stock has a fifty day moving average of $212.69 and a 200 day moving average of $197.37. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 earnings per share. As a group, sell-side analysts predict that Penumbra, Inc. will post 2.79 EPS for the current year.

Penumbra declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management 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.