Bank Pictet & Cie Europe AG Takes Position in Penumbra, Inc. (NYSE:PEN)

Bank Pictet & Cie Europe AG purchased a new position in Penumbra, Inc. (NYSE:PEN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,258 shares of the company’s stock, valued at approximately $244,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Champlain Investment Partners LLC increased its holdings in Penumbra by 131.8% in the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after buying an additional 616,700 shares during the period. AQR Capital Management LLC increased its stake in Penumbra by 439.8% in the second quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock valued at $31,283,000 after acquiring an additional 145,364 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Penumbra by 96.7% during the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after purchasing an additional 126,392 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Penumbra during the second quarter worth $17,943,000. Finally, William Blair Investment Management LLC boosted its holdings in shares of Penumbra by 12.2% in the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after purchasing an additional 90,444 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Truist Financial upped their price objective on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. BTIG Research increased their target price on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Robert W. Baird decreased their price target on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Canaccord Genuity Group increased their price objective on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $220.17.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction 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 completion of the sale, the executive vice president now directly owns 61,688 shares in the company, valued at $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated 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 $10,855,854.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the sale, the director now directly owns 8,863 shares of the company’s stock, valued at $1,809,026.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,368 shares of company stock worth $3,824,718. Company insiders own 5.00% of the company’s stock.

Penumbra Stock Performance

NYSE PEN opened at $205.77 on Wednesday. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 605.21, a PEG ratio of 2.39 and a beta of 0.54. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34. The stock has a fifty day simple moving average of $197.66 and a 200 day simple moving average of $193.92. 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 (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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 company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. During the same period last year, the company earned $0.43 earnings per share. The firm’s revenue was up 14.5% compared to the same quarter last year. Sell-side analysts expect that Penumbra, Inc. will post 2.58 EPS for the current year.

Penumbra declared that its board has initiated a share buyback plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes 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 leadership believes its shares are undervalued.

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.