Dynamic Technology Lab Private Ltd Sells 2,252 Shares of Penumbra, Inc. (NYSE:PEN)

Dynamic Technology Lab Private Ltd lowered its holdings in Penumbra, Inc. (NYSE:PEN) by 51.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,090 shares of the company’s stock after selling 2,252 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Penumbra were worth $406,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra in the 2nd quarter valued at about $54,000. Park Place Capital Corp raised its holdings in shares of 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 acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after purchasing an additional 43 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the sale, the director now owns 8,863 shares of the company’s stock, valued at $1,809,026.93. This trade represents a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total transaction of $3,559,200.00. Following the transaction, the chief executive officer now directly owns 852,582 shares in the company, valued at approximately $202,300,656.96. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,748 shares of company stock valued at $10,166,574 over the last ninety days. 5.00% of the stock is owned by insiders.

Penumbra Stock Performance

Shares of PEN stock opened at $244.12 on Friday. The company has a market capitalization of $9.37 billion, a P/E ratio of 283.86, a PEG ratio of 2.46 and a beta of 0.51. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. 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 50 day moving average price of $216.76 and a two-hundred day moving average price of $198.48.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share 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 business had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same quarter in the prior year, the company posted $0.67 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Penumbra announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PEN shares. Piper Sandler lifted their target price on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. BTIG Research lifted their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Royal Bank of Canada increased their target price on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Five 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 presently has an average rating of “Moderate Buy” and a consensus target price of $230.92.

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.