AQR Capital Management LLC Has $31.28 Million Position in Penumbra, Inc. (NYSE:PEN)

AQR Capital Management LLC raised its holdings in Penumbra, Inc. (NYSE:PEN) by 439.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 178,413 shares of the company’s stock after buying an additional 145,364 shares during the period. AQR Capital Management LLC owned 0.46% of Penumbra worth $31,283,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AXA S.A. increased its stake in shares of Penumbra by 6.4% during the 2nd quarter. AXA S.A. now owns 112,260 shares of the company’s stock worth $20,203,000 after purchasing an additional 6,725 shares during the last quarter. First Light Asset Management LLC increased its stake in shares of Penumbra by 13.6% during the 2nd quarter. First Light Asset Management LLC now owns 43,108 shares of the company’s stock worth $7,758,000 after purchasing an additional 5,153 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Penumbra by 427.0% during the 2nd quarter. Marshall Wace LLP now owns 107,692 shares of the company’s stock worth $19,381,000 after purchasing an additional 87,257 shares during the last quarter. Mount Yale Investment Advisors LLC acquired a new position in shares of Penumbra during the 2nd quarter worth about $717,000. Finally, ProShare Advisors LLC increased its stake in shares of 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 purchasing an additional 62 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PEN has been the topic of several recent analyst reports. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Canaccord Genuity Group lowered their price objective on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Morgan Stanley reduced their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Leerink Partners initiated coverage on shares of Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price for the company. Finally, Citigroup lifted their target price on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Six 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 stock. Based on data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and an average target price of $208.00.

Penumbra Stock Performance

NYSE PEN opened at $191.55 on Monday. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $7.44 billion, a P/E ratio of 80.82, a P/E/G ratio of 2.18 and a beta of 0.54. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The firm has a 50-day moving average price of $190.06 and a two-hundred day moving average price of $196.84.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS. Analysts anticipate that Penumbra, Inc. will post 2.59 earnings per share for the current year.

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

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the completion of the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,602 shares of company stock worth $6,716,384. 5.00% of the stock is currently owned by corporate insiders.

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.