E. Ohman J or Asset Management AB Increases Stock Position in Penumbra, Inc. (NYSE:PEN)

E. Ohman J or Asset Management AB boosted its holdings in Penumbra, Inc. (NYSE:PEN) by 26.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,312 shares of the company’s stock after buying an additional 4,000 shares during the period. E. Ohman J or Asset Management AB’s holdings in Penumbra were worth $3,753,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Diversified Trust Co lifted its holdings in Penumbra by 112.1% during the 1st quarter. Diversified Trust Co now owns 6,720 shares of the company’s stock worth $1,500,000 after purchasing an additional 3,552 shares in the last quarter. State of Michigan Retirement System boosted its position in shares of Penumbra by 3.3% in the first quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock valued at $2,123,000 after acquiring an additional 300 shares during the period. Norden Group LLC purchased a new position in Penumbra during the first quarter valued at approximately $4,515,000. Retirement Systems of Alabama increased its holdings in Penumbra by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock worth $10,817,000 after acquiring an additional 127 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in Penumbra in the 1st quarter worth approximately $689,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Analyst Upgrades and Downgrades

PEN has been the topic of several research analyst reports. Citigroup upped their price target on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and issued a $225.00 target price (up from $200.00) on shares of Penumbra in a research note on Friday, October 18th. Wells Fargo & Company downgraded Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Leerink Partners assumed coverage on shares of Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price objective on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $220.17.

Penumbra Trading Up 1.4 %

Shares of PEN stock opened at $206.55 on Friday. The business has a 50-day moving average of $198.07 and a 200 day moving average of $193.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $277.34. The stock has a market capitalization of $8.02 billion, a PE ratio of 607.50, a P/E/G ratio of 2.35 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm had revenue of $299.40 million for the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter last year, the business earned $0.43 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Penumbra, Inc. will post 2.58 earnings per share for the current year.

Penumbra declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the transaction, the chief executive officer now owns 925,962 shares in the company, valued at $185,192,400. 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 at this link. In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the sale, the executive vice president now owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the transaction, the chief executive officer now owns 925,962 shares in the company, valued at $185,192,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,368 shares of company stock valued at $6,893,118. 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.