ProShare Advisors LLC Boosts Stake in Penumbra, Inc. (NYSE:PEN)

ProShare Advisors LLC increased its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,171 shares of the company’s stock after acquiring an additional 62 shares during the period. ProShare Advisors LLC’s holdings in Penumbra were worth $391,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after purchasing an additional 616,700 shares during the period. William Blair Investment Management LLC boosted its holdings in Penumbra by 12.2% during the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock worth $186,066,000 after buying an additional 90,444 shares in the last quarter. Bank of New York Mellon Corp grew its position in Penumbra by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after buying an additional 4,814 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Penumbra by 96.7% in the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after buying an additional 126,392 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Activity

In related 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 sale, the executive vice president now directly owns 61,688 shares in the company, valued at $10,855,854.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the transaction, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. The disclosure for this sale can be found here. Insiders sold a total of 33,602 shares of company stock valued at $6,716,384 in the last 90 days. 5.00% of the stock is currently owned by insiders.

Penumbra Stock Down 1.4 %

PEN stock opened at $191.56 on Wednesday. The company has a 50 day moving average price of $190.17 and a two-hundred day moving average price of $196.38. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. The stock has a market capitalization of $7.43 billion, a P/E ratio of 80.83, a PEG ratio of 2.18 and a beta of 0.54. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34.

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

Penumbra announced that its board has initiated a share buyback program 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently weighed in on PEN. Stifel Nicolaus began coverage on Penumbra in a report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target on the stock. Piper Sandler lowered their target price on Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. Royal Bank of Canada lowered their price objective on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Finally, Robert W. Baird cut their target price on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Six research 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 stock. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and a consensus price target of $208.00.

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.