Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Penumbra, Inc. (NYSE:PEN) by 15.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,225 shares of the company’s stock after purchasing an additional 953 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Penumbra were worth $1,404,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in Penumbra during the second quarter valued at approximately $17,943,000. Thrivent Financial for Lutherans increased its holdings in shares of Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after acquiring an additional 358,932 shares during the period. Vontobel Holding Ltd. purchased a new position in shares of Penumbra in the 3rd quarter valued at $1,092,000. AlphaCentric Advisors LLC bought a new position in shares of Penumbra in the 3rd quarter worth $777,000. Finally, LMR Partners LLP purchased a new stake in shares of Penumbra during the 3rd quarter worth $2,330,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the 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 completion of the transaction, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,418 shares of company stock worth $10,624,973. 5.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on PEN. Stifel Nicolaus initiated coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. BTIG Research boosted their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler raised their price objective on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Leerink Partners assumed coverage on Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. Finally, Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.92.

Penumbra Trading Down 2.6 %

Shares of Penumbra stock opened at $242.70 on Friday. The firm has a fifty day moving average price of $221.10 and a 200 day moving average price of $199.69. The stock has a market cap of $9.31 billion, a PE ratio of 282.21, a price-to-earnings-growth ratio of 2.47 and a beta of 0.51. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last posted its 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 firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the firm earned $0.67 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts predict that Penumbra, Inc. will post 2.81 earnings per share for the current year.

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

Penumbra Company 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.