Portside Wealth Group LLC Takes $396,000 Position in Penumbra, Inc. (NYSE:PEN)

Portside Wealth Group LLC bought a new stake in Penumbra, Inc. (NYSE:PEN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,202 shares of the company’s stock, valued at approximately $396,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. 17 Capital Partners LLC increased its holdings in shares of Penumbra by 11.7% in the second quarter. 17 Capital Partners LLC now owns 1,431 shares of the company’s stock valued at $258,000 after purchasing an additional 150 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Penumbra by 215.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,408 shares of the company’s stock worth $613,000 after acquiring an additional 2,326 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Penumbra in the second quarter valued at about $233,000. Diversified Trust Co raised its holdings in Penumbra by 20.8% during the second quarter. Diversified Trust Co now owns 8,119 shares of the company’s stock worth $1,461,000 after purchasing an additional 1,399 shares in the last quarter. Finally, WASHINGTON TRUST Co purchased a new position in Penumbra during the second quarter worth about $54,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the transaction, the chief executive officer now directly owns 942,582 shares in the company, valued at approximately $189,440,130.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the completion of the sale, the chief executive officer now directly owns 942,582 shares in the company, valued at $189,440,130.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at $10,855,854.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,970 shares of company stock valued at $6,409,546. Insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PEN. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Wednesday, July 31st. Truist Financial reiterated a “buy” rating and issued a $200.00 price objective (down previously from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Canaccord Genuity Group lowered their price target 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. Piper Sandler reduced their price objective on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, Morgan Stanley lowered their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $193.60.

Penumbra Trading Up 0.7 %

Shares of PEN traded up $1.25 on Friday, hitting $190.51. 320,096 shares of the stock traded hands, compared to its average volume of 381,086. The firm has a market capitalization of $7.39 billion, a P/E ratio of 80.38, a P/E/G ratio of 1.90 and a beta of 0.55. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $302.00. The stock’s 50 day moving average is $181.38 and its two-hundred day moving average is $209.29.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.43 EPS. As a group, sell-side analysts predict that Penumbra, Inc. will post 2.64 earnings per share for the current year.

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.