Arcadia Investment Management Corp MI Purchases 74 Shares of Penumbra, Inc. (NYSE:PEN)

Arcadia Investment Management Corp MI boosted its position in Penumbra, Inc. (NYSE:PEN) by 7.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,006 shares of the company’s stock after purchasing an additional 74 shares during the quarter. Arcadia Investment Management Corp MI’s holdings in Penumbra were worth $181,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. lifted its position in Penumbra by 171.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after acquiring an additional 67 shares during the period. Mather Group LLC. bought a new stake in shares of Penumbra in the 1st quarter worth approximately $29,000. Quest Partners LLC bought a new stake in shares of Penumbra in the 4th quarter worth approximately $71,000. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra in the 2nd quarter worth approximately $54,000. Finally, Picton Mahoney Asset Management bought a new position in Penumbra during the 4th quarter valued at approximately $88,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Transactions at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’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 sale, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Don W. Kassing sold 170 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $179.99, for a total value of $30,598.30. Following the completion of the sale, the director now owns 1,005 shares of the company’s stock, valued at $180,889.95. The disclosure for this sale can be found here. Insiders have sold 19,372 shares of company stock worth $3,888,852 in the last quarter. Company insiders own 5.00% of the company’s stock.

Penumbra Stock Performance

PEN traded down $1.42 during mid-day trading on Friday, reaching $202.62. 31,615 shares of the company traded hands, compared to its average volume of 381,093. The company’s fifty day moving average price is $186.88 and its 200-day moving average price is $203.25. The stock has a market capitalization of $7.87 billion, a P/E ratio of 86.09, a P/E/G ratio of 2.26 and a beta of 0.54. 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 52-week low of $148.00 and a 52-week high of $302.00.

Penumbra (NYSE:PEN) last posted 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. The company had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. Penumbra’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 business earned $0.43 earnings per share. On average, sell-side analysts expect that Penumbra, Inc. will post 2.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PEN shares. Citigroup boosted their target price on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. BTIG Research upped their price target on shares of Penumbra from $187.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Piper Sandler decreased their target price on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $205.27.

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.