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

Champlain Investment Partners LLC grew its stake in Penumbra, Inc. (NYSE:PEN) by 20.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,547,972 shares of the company’s stock after acquiring an additional 264,122 shares during the quarter. Penumbra accounts for 1.8% of Champlain Investment Partners LLC’s holdings, making the stock its 6th biggest position. Champlain Investment Partners LLC’s holdings in Penumbra were worth $300,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. First Hawaiian Bank bought a new position in Penumbra during the second quarter worth about $1,597,000. Tidal Investments LLC raised its position in shares of Penumbra by 276.9% during the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after purchasing an additional 3,652 shares during the period. Renaissance Technologies LLC bought a new position in shares of Penumbra during the 2nd quarter valued at about $17,943,000. Thrivent Financial for Lutherans grew its position 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 purchasing an additional 358,932 shares during the period. Finally, Vontobel Holding Ltd. bought a new stake in Penumbra during the 3rd quarter worth approximately $1,092,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the transaction, the executive vice president now owns 61,088 shares in the company, valued at approximately $12,597,567.36. This trade represents a 0.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This trade represents a 1.67 % 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 three months. Insiders own 5.00% of the company’s stock.

Penumbra Price Performance

NYSE:PEN opened at $244.95 on Friday. The stock has a market capitalization of $9.40 billion, a PE ratio of 284.83, a P/E/G ratio of 2.44 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 firm has a fifty day simple moving average of $211.55 and a 200 day simple moving average of $197.25. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The company had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.67 EPS. On average, research analysts expect that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

Penumbra declared that its board has approved a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PEN. Royal Bank of Canada lifted their price target on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Stifel Nicolaus began coverage on shares of Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price objective on the stock. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $289.00 to $150.00 in a report on Wednesday, July 31st. BTIG Research boosted their price target on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $227.92.

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.