Champlain Investment Partners LLC Has $300.79 Million Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Champlain Investment Partners LLC boosted its position in Penumbra, Inc. (NYSE:PEN) by 20.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,547,972 shares of the company’s stock after buying an additional 264,122 shares during the quarter. Penumbra makes up about 1.8% of Champlain Investment Partners LLC’s holdings, making the stock its 6th biggest position. Champlain Investment Partners LLC owned about 4.03% of Penumbra worth $300,786,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PEN. Charles Schwab Investment Management Inc. increased its position in Penumbra by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 267,767 shares of the company’s stock worth $52,030,000 after buying an additional 4,848 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Penumbra in the third quarter worth $31,965,000. Advisors Asset Management Inc. increased its position 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 acquiring an additional 43 shares during the period. LMR Partners LLP acquired a new position in Penumbra during the 3rd quarter valued at $2,330,000. Finally, S&CO Inc. boosted its holdings in Penumbra by 10.0% in the 3rd quarter. S&CO Inc. now owns 5,500 shares of the company’s stock valued at $1,068,000 after purchasing an additional 500 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Trading Up 1.9 %

Shares of Penumbra stock opened at $244.95 on Friday. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The stock has a market capitalization of $9.40 billion, a P/E ratio of 284.83, a price-to-earnings-growth ratio of 2.44 and a beta of 0.51. The company has a 50-day simple moving average of $211.55 and a 200 day simple moving average of $197.25. The company has a quick ratio of 3.25, a current ratio of 5.82 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 for the quarter, topping the consensus estimate of $0.69 by $0.16. The company had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $0.67 earnings per share. Research analysts expect that Penumbra, Inc. will post 2.79 earnings per share for the current fiscal year.

Penumbra announced that its board has authorized a share repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Penumbra

In other news, Director Harpreet Grewal sold 782 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the transaction, the director now directly owns 8,863 shares in the company, valued at approximately $1,809,026.93. This represents a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $12,597,567.36. This represents a 0.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,748 shares of company stock valued at $10,166,574 in the last three months. Corporate insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Stifel Nicolaus started coverage on shares of Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective on the stock. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Truist Financial raised 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. Citigroup boosted their price objective on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Finally, Piper Sandler upped their target price on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Penumbra presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

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.