Braidwell LP Purchases 148,834 Shares of Penumbra, Inc. (NYSE:PEN)

Braidwell LP boosted its position in shares of Penumbra, Inc. (NYSE:PEN) by 70.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 361,428 shares of the company’s stock after buying an additional 148,834 shares during the quarter. Penumbra accounts for 2.0% of Braidwell LP’s investment portfolio, making the stock its 19th biggest holding. Braidwell LP’s holdings in Penumbra were worth $70,229,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its stake in Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after buying an additional 43 shares in the last quarter. Silvercrest Asset Management Group LLC grew its stake in Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after buying an additional 55 shares in the last quarter. ProShare Advisors LLC grew its stake in Penumbra by 2.9% during the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after buying an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC grew 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 worth $336,000 after buying an additional 65 shares in the last quarter. Finally, Creative Planning grew its stake in Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after buying an additional 71 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the transaction, the executive vice president now directly owns 61,088 shares in the company, valued at $12,597,567.36. The trade was a 0.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 782 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the sale, the director now owns 8,863 shares in the company, valued at approximately $1,809,026.93. The trade was a 8.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,748 shares of company stock valued at $10,166,574 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

PEN has been the topic of a number of research analyst reports. Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target on the stock. Royal Bank of Canada raised their price target on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Truist Financial raised their price target on shares of Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Canaccord Genuity Group raised their price objective on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Stifel Nicolaus started coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $230.92.

Penumbra Price Performance

Shares of Penumbra stock opened at $244.15 on Friday. The stock has a 50 day moving average of $215.77 and a 200 day moving average of $198.27. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. The firm has a market cap of $9.37 billion, a PE ratio of 283.90, a PEG ratio of 2.46 and a beta of 0.51. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same period last year, the company earned $0.67 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts expect that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

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

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.