Washington Trust Advisors Inc. Raises Holdings in Penumbra, Inc. (NYSE:PEN)

Washington Trust Advisors Inc. lifted its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 2.6% in the third quarter, HoldingsChannel reports. The firm owned 21,506 shares of the company’s stock after acquiring an additional 541 shares during the period. Washington Trust Advisors Inc.’s holdings in Penumbra were worth $4,179,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PEN. Norden Group LLC purchased a new position in shares of Penumbra during the 1st quarter worth approximately $321,000. Janney Montgomery Scott LLC purchased a new stake in Penumbra in the 1st quarter worth approximately $689,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Penumbra in the 1st quarter worth approximately $241,000. Swiss National Bank grew its stake in Penumbra by 0.6% in the 1st quarter. Swiss National Bank now owns 72,400 shares of the company’s stock worth $16,158,000 after acquiring an additional 400 shares during the period. Finally, Sei Investments Co. grew its stake in Penumbra by 62.5% in the 1st quarter. Sei Investments Co. now owns 39,505 shares of the company’s stock worth $8,817,000 after acquiring an additional 15,188 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Citigroup boosted 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. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley lowered 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. 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 research note on Monday, October 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $226.67.

Penumbra Price Performance

PEN opened at $236.53 on Friday. The company has a 50-day moving average of $203.91 and a 200-day moving average of $194.92. The company has a market capitalization of $9.08 billion, a P/E ratio of 275.03, a PEG ratio of 2.37 and a beta of 0.51. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $277.34. 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 (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. The company had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 EPS. Equities analysts expect that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

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

Insider Activity at Penumbra

In related news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $2,965,650.00. Following the sale, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,368 shares of company stock valued at $6,893,118 in the last quarter. 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.