Cynosure Group LLC Takes $318,000 Position in Penumbra, Inc. (NYSE:PEN)

Cynosure Group LLC purchased a new position in shares of Penumbra, Inc. (NYSE:PEN) during the first quarter, HoldingsChannel reports. The firm purchased 1,427 shares of the company’s stock, valued at approximately $318,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PEN. Vanguard Group Inc. increased its holdings in shares of Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after acquiring an additional 32,557 shares in the last quarter. Trillium Asset Management LLC grew its position in Penumbra by 2.0% in the 1st quarter. Trillium Asset Management LLC now owns 23,401 shares of the company’s stock valued at $5,222,000 after purchasing an additional 457 shares during the period. Blair William & Co. IL increased its stake in Penumbra by 24.3% during the 1st quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock valued at $3,721,000 after purchasing an additional 3,257 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Penumbra by 7.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 41,548 shares of the company’s stock worth $9,273,000 after buying an additional 2,803 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in shares of Penumbra by 12.2% in the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after buying an additional 90,444 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group decreased their target price on shares of Penumbra from $284.00 to $272.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Piper Sandler reduced their target price on Penumbra from $290.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Truist Financial reduced their price objective on Penumbra from $280.00 to $230.00 and set a “buy” rating for the company in a research note on Tuesday, July 16th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Wednesday, May 8th. Finally, Morgan Stanley lowered their price objective on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $260.56.

Penumbra Price Performance

PEN stock traded down $0.77 during mid-day trading on Tuesday, reaching $191.48. 110,920 shares of the company traded hands, compared to its average volume of 343,241. The company has a fifty day moving average price of $187.98 and a 200-day moving average price of $218.58. Penumbra, Inc. has a 52-week low of $170.59 and a 52-week high of $310.51. The company has a market capitalization of $7.42 billion, a P/E ratio of 80.61, a P/E/G ratio of 1.91 and a beta of 0.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.12 and a quick ratio of 3.51.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). Penumbra had a net margin of 8.52% and a return on equity of 7.83%. The firm had revenue of $278.70 million for the quarter, compared to analysts’ expectations of $274.94 million. During the same period in the prior year, the firm posted $0.23 EPS. Penumbra’s revenue was up 15.5% on a year-over-year basis. As a group, analysts anticipate that Penumbra, Inc. will post 2.88 earnings per share for the current year.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the completion of the sale, the chief executive officer now owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Don W. Kassing sold 170 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.99, for a total value of $30,598.30. Following the transaction, the director now owns 1,005 shares of the company’s stock, valued at approximately $180,889.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the sale, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,970 shares of company stock valued at $6,428,404. 5.00% of the stock is currently owned by company insiders.

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.