KLP Kapitalforvaltning AS Purchases Shares of 7,500 Penumbra, Inc. (NYSE:PEN)

KLP Kapitalforvaltning AS acquired a new position in Penumbra, Inc. (NYSE:PEN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 7,500 shares of the company’s stock, valued at approximately $1,781,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of PEN. China Universal Asset Management Co. Ltd. purchased a new position in Penumbra in the 4th quarter worth approximately $573,000. State Street Corp grew its holdings in shares of Penumbra by 0.3% in the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after purchasing an additional 3,863 shares during the last quarter. E. Ohman J or Asset Management AB increased its stake in shares of Penumbra by 10.4% in the fourth quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock worth $5,061,000 after buying an additional 2,000 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Penumbra by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 271,574 shares of the company’s stock valued at $64,493,000 after buying an additional 3,807 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Penumbra by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 655,572 shares of the company’s stock valued at $127,417,000 after buying an additional 11,257 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

PEN stock opened at $268.89 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. The firm has a 50 day moving average price of $274.49 and a 200-day moving average price of $242.13. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $310.00. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 790.84, a PEG ratio of 2.83 and a beta of 0.51.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. The business had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. Equities research analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Activity at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Adam Elsesser sold 16,600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $276.21, for a total transaction of $4,585,086.00. Following the sale, the chief executive officer now directly owns 27,752 shares of the company’s stock, valued at $7,665,379.92. This trade represents a 37.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,518 shares of company stock valued at $26,400,219. 5.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PEN shares. Wells Fargo & Company increased their target price on shares of Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Robert W. Baird increased their price objective on Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Bank of America initiated coverage on Penumbra in a research note on Friday, March 14th. They set a “buy” rating and a $320.00 target price on the stock. JPMorgan Chase & Co. raised their price target on Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and an average target price of $294.47.

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.