First Hawaiian Bank Purchases New Holdings in Penumbra, Inc. (NYSE:PEN)

First Hawaiian Bank acquired a new position in shares of Penumbra, Inc. (NYSE:PEN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 8,875 shares of the company’s stock, valued at approximately $1,597,000.

Other large investors also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Penumbra by 171.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after buying an additional 67 shares during the period. Mather Group LLC. purchased a new stake in shares of Penumbra during the first quarter worth $29,000. Signaturefd LLC boosted its position in Penumbra by 27.2% during the fourth quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after purchasing an additional 46 shares during the last quarter. Quest Partners LLC acquired a new stake in Penumbra during the fourth quarter valued at $71,000. Finally, Picton Mahoney Asset Management purchased a new position in Penumbra in the fourth quarter valued at about $88,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the completion of the transaction, the chief executive officer now owns 942,582 shares in the company, valued at $189,440,130.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $188.90, for a total transaction of $113,340.00. Following the sale, the executive vice president now directly owns 62,888 shares of the company’s stock, valued at $11,879,543.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the transaction, the chief executive officer now directly owns 942,582 shares in the company, valued at approximately $189,440,130.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,970 shares of company stock worth $6,428,404. 5.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PEN. Canaccord Genuity Group cut their price target on Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada cut their price objective on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Citigroup downgraded shares of Penumbra from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $165.00 to $178.00 in a research report on Wednesday, July 31st. Robert W. Baird cut their price target on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Morgan Stanley reduced their price objective on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $193.60.

Penumbra Stock Performance

PEN stock traded down $1.57 during mid-day trading on Tuesday, reaching $175.99. 229,149 shares of the stock traded hands, compared to its average volume of 373,187. The firm has a market capitalization of $6.82 billion, a PE ratio of 74.26, a P/E/G ratio of 1.85 and a beta of 0.55. The business has a 50-day moving average of $183.89 and a two-hundred day moving average of $213.42. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $302.00. The company has a quick ratio of 3.51, a current ratio of 6.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same period in the prior year, the business earned $0.43 earnings per share. Penumbra’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts predict that Penumbra, Inc. will post 2.74 EPS for the current fiscal year.

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.