Insider Selling: Penumbra, Inc. (NYSE:PEN) CEO Sells 15,000 Shares of Stock

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the completion of the sale, the chief executive officer now owns 867,582 shares in the company, valued at $177,472,573.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Adam Elsesser also recently made the following trade(s):

• On Friday, September 20th, Adam Elsesser sold 15,000 shares of Penumbra stock. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00.
• On Thursday, August 22nd, Adam Elsesser sold 1,620 shares of Penumbra stock. The stock was sold at an average price of $200.00, for a total value of $324,000.00.

Penumbra Trading Up 1.4 %

Penumbra stock opened at $206.55 on Friday. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 607.50, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. The business has a 50 day moving average price of $198.07 and a two-hundred day moving average price of $193.99. 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 posted its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share 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 business had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter in the prior year, the firm earned $0.43 EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts forecast that Penumbra, Inc. will post 2.58 EPS for the current year.

Penumbra declared that its board has authorized a share buyback 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on PEN. BTIG Research increased their target price on Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Truist Financial upped their target price on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Stifel Nicolaus began coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada lifted their price target on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. 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. According to MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and a consensus target price of $220.17.

Institutional Trading of Penumbra

A number of hedge funds have recently modified their holdings of PEN. Vanguard Group Inc. grew its stake in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares in the last quarter. First Hawaiian Bank acquired a new stake in Penumbra during the second quarter worth approximately $1,597,000. Jennison Associates LLC increased its stake in Penumbra by 192.1% during the 1st quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock worth $19,448,000 after acquiring an additional 57,310 shares during the period. Tidal Investments LLC raised its holdings in Penumbra by 276.9% in the 1st quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock valued at $1,109,000 after acquiring an additional 3,652 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in shares of Penumbra by 24.3% during the 1st quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock valued at $3,721,000 after acquiring an additional 3,257 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Company 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.