Edgestream Partners L.P. Invests $773,000 in Penumbra, Inc. (NYSE:PEN)

Edgestream Partners L.P. bought a new position in Penumbra, Inc. (NYSE:PEN - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 3,977 shares of the company's stock, valued at approximately $773,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company's stock valued at $33,000 after buying an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in Penumbra in the second quarter worth about $54,000. Park Place Capital Corp boosted its position in Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company's stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings 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 worth $70,000 after acquiring an additional 369 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in shares of Penumbra by 11.5% in 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 period. 88.88% of the stock is owned by institutional investors.

Penumbra Stock Performance

Penumbra stock traded down $6.38 during midday trading on Thursday, reaching $242.70. 194,662 shares of the company traded hands, compared to its average volume of 376,975. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month 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. The business has a 50 day moving average of $220.08 and a two-hundred day moving average of $199.38. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 289.67, a price-to-earnings-growth ratio of 2.47 and a beta of 0.51.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.67 EPS. As a group, research analysts predict that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Penumbra declared that its board has initiated a share repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Insider Activity at Penumbra

In other Penumbra news, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the completion of the transaction, the chief accounting officer now directly owns 20,682 shares of the company's stock, valued at $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,418 shares of company stock valued at $10,624,973 over the last 90 days. 5.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PEN has been the topic of a number of research reports. Citigroup boosted their target price on shares of Penumbra from $178.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, August 22nd. Stifel Nicolaus initiated coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a "buy" rating and a $238.00 price objective on the stock. Canaccord Genuity Group raised their target price on shares of Penumbra from $176.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Truist Financial boosted their price target on Penumbra from $200.00 to $235.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada raised their price objective on Penumbra from $205.00 to $222.00 and gave the company an "outperform" rating in a research report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $230.92.

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.