Penumbra, Inc. (NYSE:PEN) Holdings Raised by Cynosure Group LLC

Cynosure Group LLC increased its position in shares of Penumbra, Inc. (NYSE:PEN) by 51.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,087 shares of the company’s stock after purchasing an additional 1,043 shares during the period. Cynosure Group LLC’s holdings in Penumbra were worth $600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC boosted its stake in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after acquiring an additional 55 shares during the period. Tidal Investments LLC boosted its position in Penumbra by 276.9% during the 1st quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock valued at $1,109,000 after purchasing an additional 3,652 shares during the period. Virtu Financial LLC grew its stake in Penumbra by 61.6% during the 1st quarter. Virtu Financial LLC now owns 4,011 shares of the company’s stock worth $895,000 after buying an additional 1,529 shares during the last quarter. First Hawaiian Bank acquired a new stake in Penumbra in the second quarter worth $1,597,000. Finally, CWM LLC lifted its stake in Penumbra by 215.7% in the second quarter. CWM LLC now owns 1,550 shares of the company’s stock valued at $279,000 after buying an additional 1,059 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors.

Penumbra Stock Performance

Shares of PEN opened at $244.15 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm’s 50 day moving average is $214.90 and its 200-day moving average is $197.95. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The stock has a market capitalization of $9.37 billion, a P/E ratio of 283.90, a P/E/G ratio of 2.47 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the business posted $0.67 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has approved a share buyback program on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Penumbra news, Director Harpreet Grewal sold 782 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the sale, the director now directly owns 8,863 shares of the company’s stock, valued at $1,809,026.93. The trade was a 8.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at $12,597,567.36. The trade was a 0.97 % decrease in their position. 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.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PEN. Royal Bank of Canada upped their price target on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Citigroup upped their target price on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Stifel Nicolaus began coverage on Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. Truist Financial increased their price objective on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, BTIG Research raised their target price on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday. Five investment 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.