Abbot Financial Management Inc. Grows Holdings in Penumbra, Inc. (NYSE:PEN)

Abbot Financial Management Inc. boosted its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 13.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,542 shares of the company’s stock after purchasing an additional 304 shares during the quarter. Abbot Financial Management Inc.’s holdings in Penumbra were worth $457,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PEN. Mather Group LLC. bought a new stake in shares of Penumbra in the first quarter worth $29,000. WASHINGTON TRUST Co acquired a new position in Penumbra during the 2nd quarter worth $54,000. Quest Partners LLC bought a new position in Penumbra in the fourth quarter worth about $71,000. Headlands Technologies LLC acquired a new stake in shares of Penumbra during the 1st quarter worth approximately $89,000. Finally, RiverPark Advisors LLC grew its stake in Penumbra by 360.9% during the 1st quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock worth $113,000 after buying an additional 397 shares during the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PEN shares. Morgan Stanley dropped their price target on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Citigroup lifted their price target on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Robert W. Baird cut their price objective on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Royal Bank of Canada decreased their target price on Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $289.00 to $150.00 in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Penumbra currently has a consensus rating of “Moderate Buy” and an average target price of $205.27.

Insider Buying and Selling

In other news, Director Don W. Kassing sold 170 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.99, for a total transaction of $30,598.30. Following the transaction, the director now owns 1,005 shares in the company, valued at approximately $180,889.95. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Don W. Kassing sold 170 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $179.99, for a total transaction of $30,598.30. Following the completion of the sale, the director now owns 1,005 shares in the company, valued at approximately $180,889.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the transaction, the chief executive officer now directly owns 927,582 shares in the company, valued at $187,853,906.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,372 shares of company stock worth $3,888,852. Corporate insiders own 5.00% of the company’s stock.

Penumbra Price Performance

Shares of PEN opened at $187.54 on Tuesday. The business’s 50-day moving average is $189.50 and its 200-day moving average is $200.14. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 79.13, a P/E/G ratio of 2.24 and a beta of 0.54. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34.

Penumbra (NYSE:PEN) last released 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. The firm had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.43 EPS. Equities research analysts expect that Penumbra, Inc. will post 2.63 EPS for the current fiscal year.

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.