Cynosure Group LLC Boosts Stock Position in Penumbra, Inc. (NYSE:PEN)

Cynosure Group LLC raised its position in Penumbra, Inc. (NYSE:PEN) by 51.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,087 shares of the company’s stock after purchasing an additional 1,043 shares during the period. Cynosure Group LLC’s holdings in Penumbra were worth $600,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after buying an additional 90 shares during the period. WASHINGTON TRUST Co purchased a new position in shares of Penumbra during the 2nd quarter worth $54,000. Park Place Capital Corp boosted its holdings in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after purchasing an additional 369 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PEN has been the topic of a number of research analyst reports. Canaccord Genuity Group raised their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Piper Sandler boosted their target price on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target on the stock. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Five 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’s stock. According to MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and an average price target of $230.92.

Penumbra Stock Performance

Penumbra stock opened at $244.15 on Thursday. The firm has a market capitalization of $9.37 billion, a PE ratio of 283.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.51. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34. The stock’s 50 day moving average price is $214.90 and its 200 day moving average price is $197.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 earnings per share. As a group, sell-side analysts expect that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has initiated a share repurchase plan on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares in the company, valued at $12,597,567.36. This represents a 0.97 % decrease in their ownership of the stock. 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. Insiders own 5.00% of the company’s stock.

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.