Penumbra, Inc. (NYSE:PEN) Stock Holdings Lessened by MetLife Investment Management LLC

MetLife Investment Management LLC lessened its stake in shares of Penumbra, Inc. (NYSE:PEN) by 1.7% in the third quarter, Holdings Channel.com reports. The fund owned 21,720 shares of the company’s stock after selling 368 shares during the quarter. MetLife Investment Management LLC’s holdings in Penumbra were worth $4,220,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Advisors Asset Management Inc. lifted its holdings in shares of Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares during the last quarter. ProShare Advisors LLC raised its holdings in Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after buying an additional 62 shares during the period. Legacy Wealth Asset Management LLC lifted its stake in Penumbra by 3.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after buying an additional 65 shares in the last quarter. Creative Planning boosted its holdings in shares of Penumbra by 4.7% in the third quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after buying an additional 71 shares during the period. Finally, Arcadia Investment Management Corp MI increased its position in shares of Penumbra by 7.9% in the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after acquiring an additional 74 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BTIG Research upped their price target on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Thursday, October 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 report on Wednesday, October 16th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Piper Sandler raised their price objective on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $230.92.

Insider Buying and Selling

In other news, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was 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 in the company, valued at approximately $1,659,648.51. This represents a 1.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total value of $3,559,200.00. Following the completion of the transaction, the chief executive officer now directly owns 852,582 shares in the company, valued at $202,300,656.96. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,748 shares of company stock worth $10,166,574. Corporate insiders own 5.00% of the company’s stock.

Penumbra Stock Down 0.0 %

Shares of Penumbra stock opened at $244.12 on Monday. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 283.86, a P/E/G ratio of 2.46 and a beta of 0.51. The stock has a 50-day simple moving average of $216.76 and a 200-day simple moving average of $198.44. 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 current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last posted 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. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same period in the previous year, the company earned $0.67 earnings per share. The company’s revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current fiscal year.

Penumbra declared that its board has initiated a share repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is 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.