Holocene Advisors LP Takes Position in Penumbra, Inc. (NYSE:PEN)

Holocene Advisors LP bought a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 40,621 shares of the company's stock, valued at approximately $7,893,000. Holocene Advisors LP owned 0.11% of Penumbra at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its position in Penumbra by 11.5% during the third 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 last quarter. ProShare Advisors LLC increased its stake in shares of Penumbra by 2.9% during the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company's stock worth $391,000 after purchasing an additional 62 shares during the period. Legacy Wealth Asset Management LLC increased its stake in shares of Penumbra by 3.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company's stock worth $336,000 after purchasing an additional 65 shares during the period. Creative Planning increased its stake in Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company's stock worth $306,000 after acquiring an additional 71 shares during the period. Finally, Arcadia Investment Management Corp MI increased its stake in Penumbra by 7.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company's stock worth $181,000 after acquiring an additional 74 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the business's stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now owns 8,697 shares of the company's stock, valued at $1,659,648.51. The trade was a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total transaction of $114,456.00. Following the completion of the transaction, the executive vice president now directly owns 60,488 shares in the company, valued at approximately $11,538,690.88. The trade was a 0.98 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,418 shares of company stock worth $10,624,973. Insiders own 5.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PEN. Leerink Partnrs raised Penumbra to a "strong-buy" rating in a report on Tuesday, September 3rd. BTIG Research raised their target price on Penumbra from $232.00 to $270.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Royal Bank of Canada lifted their price objective on Penumbra from $205.00 to $222.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 8th. Canaccord Genuity Group boosted their target price on Penumbra from $176.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Finally, Citigroup boosted their target price on Penumbra from $178.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday, August 22nd. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $230.92.

Penumbra Stock Performance

Shares of NYSE PEN traded up $3.88 during midday trading on Wednesday, reaching $249.12. The company's stock had a trading volume of 233,858 shares, compared to its average volume of 377,754. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The firm has a 50 day moving average price of $220.08 and a 200-day moving average price of $199.38. The stock has a market capitalization of $9.56 billion, a P/E ratio of 289.67, a PEG ratio of 2.46 and a beta of 0.51. 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 - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. During the same quarter in the previous year, the business earned $0.67 EPS. The company's revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts predict that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Penumbra declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are 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.