RTW Investments LP Acquires 53,645 Shares of Penumbra, Inc. (NYSE:PEN)

RTW Investments LP boosted its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 7.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 795,750 shares of the company's stock after acquiring an additional 53,645 shares during the quarter. Penumbra accounts for about 2.2% of RTW Investments LP's investment portfolio, making the stock its 19th largest position. RTW Investments LP owned 2.07% of Penumbra worth $154,622,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PEN. Renaissance Technologies LLC bought a new stake in shares of Penumbra during the 2nd quarter worth $17,943,000. Thrivent Financial for Lutherans lifted its stake in Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company's stock worth $71,564,000 after purchasing an additional 358,932 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in Penumbra during the third quarter worth about $1,092,000. AlphaCentric Advisors LLC bought a new position in shares of Penumbra during the 3rd quarter valued at about $777,000. Finally, LMR Partners LLP purchased a new position in shares of Penumbra during the 3rd quarter valued at about $2,330,000. Hedge funds and other institutional investors own 88.88% of the company's stock.

Penumbra Trading Down 2.6 %

Shares of NYSE PEN traded down $6.38 during midday trading on Thursday, hitting $242.70. 194,610 shares of the company traded hands, compared to its average volume of 376,975. 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 12-month low of $148.00 and a 12-month high of $277.34. The stock has a 50-day moving average price of $221.10 and a 200 day moving average price of $199.69. The firm has a market cap of $9.31 billion, a P/E ratio of 282.21, a P/E/G ratio of 2.47 and a beta of 0.51.

Penumbra (NYSE:PEN - Get Free Report) last announced its 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 return on equity of 8.99% and a net margin of 2.97%. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the prior year, the company earned $0.67 EPS. The business's revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Penumbra announced that its board has authorized a share repurchase plan on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PEN. Needham & Company LLC reaffirmed a "hold" rating on shares of Penumbra in a research note on Thursday, October 31st. Canaccord Genuity Group increased their target price on shares of Penumbra from $176.00 to $235.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. BTIG Research lifted their target price on shares of Penumbra from $232.00 to $270.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Robert W. Baird upped their price target on shares of Penumbra from $244.00 to $248.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, 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 report on Tuesday, October 8th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $230.92.

Insider Activity

In other Penumbra news, CAO Lambert Shiu sold 654 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $243.01, for a total value of $158,928.54. Following the sale, the chief accounting officer now directly owns 20,028 shares of the company's stock, valued at approximately $4,867,004.28. The trade was a 3.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,418 shares of company stock worth $10,624,973. Corporate insiders own 5.00% of the company's stock.

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.