Cerity Partners LLC Raises Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Cerity Partners LLC grew its position in shares of Penumbra, Inc. (NYSE:PEN) by 19.2% in the third quarter, Holdings Channel reports. The fund owned 3,612 shares of the company’s stock after buying an additional 583 shares during the quarter. Cerity Partners LLC’s holdings in Penumbra were worth $702,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $244.49, for a total value of $146,694.00. Following the transaction, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. The trade was a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,418 shares of company stock worth $10,624,973 over the last quarter. Insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Piper Sandler lifted their price objective on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Robert W. Baird upped their price objective on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Truist Financial increased their target price on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Citigroup boosted their target price on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Finally, Canaccord Genuity Group upped their price target on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $230.92.

Penumbra Price Performance

NYSE PEN opened at $237.23 on Friday. The company has a market cap of $9.10 billion, a PE ratio of 275.85, a P/E/G ratio of 2.47 and a beta of 0.51. The firm’s 50 day moving average price is $222.02 and its 200-day moving average price is $199.93. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 EPS. Sell-side analysts forecast that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has authorized a stock repurchase program on Tuesday, August 13th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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.