SpiderRock Advisors LLC Purchases Shares of 2,645 Penumbra, Inc. (NYSE:PEN)

SpiderRock Advisors LLC acquired a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,645 shares of the company's stock, valued at approximately $514,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PEN. AlphaCentric Advisors LLC acquired a new stake in Penumbra in the 3rd quarter valued at $777,000. Diversify Wealth Management LLC acquired a new position in shares of Penumbra during the 3rd quarter worth about $246,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Penumbra during the 3rd quarter worth about $502,000. Pallas Capital Advisors LLC acquired a new position in shares of Penumbra during the 3rd quarter worth about $220,000. Finally, State of Alaska Department of Revenue increased its stake in shares of Penumbra by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 4,490 shares of the company's stock worth $872,000 after purchasing an additional 305 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

Penumbra Stock Performance

Shares of PEN traded down $5.76 on Tuesday, reaching $236.31. The company's stock had a trading volume of 274,562 shares, compared to its average volume of 384,653. 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 $9.07 billion, a P/E ratio of 277.76, a PEG ratio of 2.40 and a beta of 0.51. The stock's 50 day simple moving average is $204.71 and its two-hundred day simple moving average is $195.02. 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 posted its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.16. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share. Research analysts forecast that Penumbra, Inc. will post 2.79 earnings per share for the current fiscal year.

Penumbra announced that its board has approved a stock buyback program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PEN shares. Morgan Stanley cut their price objective on shares of Penumbra from $235.00 to $210.00 and set an "equal weight" rating for the company in a report on Monday, July 15th. BTIG Research boosted their price objective on shares of Penumbra from $224.00 to $234.00 and gave the company a "buy" rating in a report on Monday, October 14th. Robert W. Baird boosted their price objective on shares of Penumbra from $244.00 to $248.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Citigroup boosted their price objective on shares of Penumbra from $178.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, August 22nd. Finally, Leerink Partnrs upgraded shares of Penumbra to a "strong-buy" rating in a research report on Tuesday, September 3rd. Five 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's stock. According to MarketBeat.com, Penumbra currently has an average rating of "Moderate Buy" and a consensus price target of $226.67.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the transaction, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Adam Elsesser sold 15,000 shares of the company's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now owns 882,582 shares in the company, valued at $174,495,287.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,768 shares of company stock worth $6,787,530 over the last three months. 5.00% of the stock is owned by corporate insiders.

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.