Polar Asset Management Partners Inc. Invests $21.48 Million in Penumbra, Inc. (NYSE:PEN)

Polar Asset Management Partners Inc. purchased a new stake in Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 110,521 shares of the company’s stock, valued at approximately $21,475,000.

A number of other hedge funds also recently made changes to their positions in PEN. Janus Henderson Group PLC increased its position in Penumbra by 128.1% in the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after acquiring an additional 375,684 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the period. Champlain Investment Partners LLC raised its stake in shares of Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after purchasing an additional 264,122 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in Penumbra in the 3rd quarter valued at about $31,965,000. Finally, Braidwell LP increased its stake in Penumbra by 70.0% during the 3rd quarter. Braidwell LP now owns 361,428 shares of the company’s stock valued at $70,229,000 after buying an additional 148,834 shares during the period. Institutional investors own 88.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PEN. Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. BTIG Research increased their price target on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Canaccord Genuity Group lifted their price target on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Piper Sandler upped their price objective on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and a consensus price target of $230.92.

Insiders Place Their Bets

In other news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now directly owns 8,697 shares in the company, valued at $1,659,648.51. The trade was a 1.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the sale, the executive vice president now owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,418 shares of company stock worth $10,624,973. 5.00% of the stock is currently owned by company insiders.

Penumbra Stock Performance

Penumbra stock opened at $245.24 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The company has a market cap of $9.41 billion, a P/E ratio of 285.16, a price-to-earnings-growth ratio of 2.46 and a beta of 0.51. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The firm’s 50 day simple moving average is $218.84 and its 200-day simple moving average is $199.03.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The company had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. As a group, equities research analysts predict that Penumbra, Inc. will post 2.81 EPS for the current year.

Penumbra announced that its Board of Directors has authorized a share repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.