Massachusetts Financial Services Co. MA Makes New $31.97 Million Investment in Penumbra, Inc. (NYSE:PEN)

Massachusetts Financial Services Co. MA bought a new position in Penumbra, Inc. (NYSE:PEN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 164,503 shares of the company’s stock, valued at approximately $31,965,000. Massachusetts Financial Services Co. MA owned 0.43% of Penumbra as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares in the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra in the 2nd quarter valued at about $54,000. Park Place Capital Corp raised its holdings in shares of Penumbra by 1,473.9% in the 3rd 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. raised its holdings in shares of Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Penumbra by 11.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after acquiring an additional 43 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

Shares of Penumbra stock opened at $244.68 on Tuesday. 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 business’s 50 day simple moving average is $212.69 and its two-hundred day simple moving average is $197.37. The stock has a market capitalization of $9.39 billion, a P/E ratio of 284.51, a price-to-earnings-growth ratio of 2.48 and a beta of 0.51. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. The firm had revenue of $301.04 million for 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 business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.67 EPS. Analysts forecast that Penumbra, Inc. will post 2.79 EPS for the current year.

Penumbra announced that its board has authorized a stock buyback plan on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,748 shares of company stock worth $10,166,574. 5.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PEN shares. Canaccord Genuity Group raised their price target on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Piper Sandler raised 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. Citigroup raised their price objective on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Royal Bank of Canada raised their price objective on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Finally, Truist Financial raised their price objective on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and a consensus price target of $227.92.

Penumbra 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.