Los Angeles Capital Management LLC Acquires 8,222 Shares of Penumbra, Inc. (NYSE:PEN)

Los Angeles Capital Management LLC raised its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 512.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,826 shares of the company's stock after purchasing an additional 8,222 shares during the period. Los Angeles Capital Management LLC's holdings in Penumbra were worth $1,909,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company's stock valued at $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co bought a new stake in Penumbra in the second quarter valued at $54,000. Park Place Capital Corp boosted its holdings in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company's stock valued at $70,000 after acquiring an additional 339 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Penumbra by 1,845.0% during the second 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 last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Penumbra in the first quarter valued at approximately $89,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PEN has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a "buy" rating and a $238.00 price objective for the company. Canaccord Genuity Group upped their price target on shares of Penumbra from $176.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Leerink Partnrs raised Penumbra to a "strong-buy" rating in a research note on Tuesday, September 3rd. BTIG Research raised their price target on shares of Penumbra from $224.00 to $234.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Finally, Citigroup upped their price objective on shares of Penumbra from $178.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, August 22nd. Five equities research 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, Penumbra has a consensus rating of "Moderate Buy" and a consensus price target of $226.67.

Insider Buying and Selling at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the company's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the completion of the transaction, the chief executive officer now owns 867,582 shares of the company's stock, valued at approximately $177,472,573.92. This represents a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This trade represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,768 shares of company stock valued at $6,787,530 in the last 90 days. 5.00% of the stock is currently owned by insiders.

Penumbra Stock Down 1.1 %

Shares of PEN traded down $2.54 during trading hours on Thursday, hitting $233.51. 192,852 shares of the company were exchanged, compared to its average volume of 382,876. The firm's 50 day moving average is $206.02 and its 200-day moving average is $195.53. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34. The company has a market cap of $8.96 billion, a PE ratio of 274.59, a PEG ratio of 2.39 and a beta of 0.51.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $301.04 million during the quarter, compared to analysts' expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Penumbra's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 earnings per share. On average, equities research analysts forecast that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

Penumbra declared that its Board of Directors has approved a stock repurchase program on Tuesday, August 13th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

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.