Los Angeles Capital Management LLC Boosts Stock Position in Penumbra, Inc. (NYSE:PEN)

Los Angeles Capital Management LLC increased its stake in Penumbra, Inc. (NYSE:PEN) by 512.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 9,826 shares of the company’s stock after buying an additional 8,222 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Penumbra were worth $1,909,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the period. WASHINGTON TRUST Co bought a new position in shares of Penumbra in the second quarter valued at approximately $54,000. Park Place Capital Corp grew its stake in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after acquiring an additional 369 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Penumbra in the 1st quarter worth approximately $89,000. 88.88% of the stock is currently owned by institutional investors.

Penumbra Price Performance

Shares of Penumbra stock opened at $236.15 on Thursday. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 274.59, a price-to-earnings-growth ratio of 2.39 and a beta of 0.51. The company has a fifty day moving average of $205.34 and a 200-day moving average of $195.25. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week 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 announced its quarterly earnings data 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 firm had revenue of $301.04 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm earned $0.67 earnings per share. Equities research analysts expect that Penumbra, Inc. will post 2.79 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. 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. Royal Bank of Canada upped their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and an average price target of $226.67.

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the completion of the sale, the chief executive officer now owns 867,582 shares in the company, valued at approximately $177,472,573.92. 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 this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $204.56, for a total value of $3,068,400.00. Following the transaction, the chief executive officer now owns 867,582 shares in the company, valued at approximately $177,472,573.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,768 shares of company stock worth $6,787,530 in the last ninety days. 5.00% of the stock is owned by 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.