Legacy Wealth Asset Management LLC Boosts Position in Penumbra, Inc. (NYSE:PEN)

Legacy Wealth Asset Management LLC lifted its position in Penumbra, Inc. (NYSE:PEN) by 3.9% in the third quarter, HoldingsChannel reports. The firm owned 1,731 shares of the company’s stock after buying an additional 65 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Penumbra were worth $336,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PEN. Vanguard Group Inc. increased its holdings in shares of Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after buying an additional 32,557 shares during the last quarter. Champlain Investment Partners LLC raised its position in Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after purchasing an additional 616,700 shares during the period. William Blair Investment Management LLC lifted its stake 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 during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Penumbra by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after purchasing an additional 4,814 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Penumbra by 96.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock worth $46,257,000 after purchasing an additional 126,392 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. BTIG Research lifted their target price on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Robert W. Baird decreased their price target on Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler restated an “overweight” rating and set a $225.00 price target (up from $200.00) on shares of Penumbra in a research report on Friday, October 18th. Finally, Canaccord Genuity Group boosted their price objective on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Five equities research 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $220.17.

Insiders Place Their Bets

In other news, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value of $324,000.00. Following the transaction, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Adam Elsesser sold 1,620 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total value of $324,000.00. Following the completion of the transaction, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now owns 8,697 shares in the company, valued at $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,368 shares of company stock valued at $6,893,118 in the last ninety days. Insiders own 5.00% of the company’s stock.

Penumbra Stock Down 0.9 %

Shares of NYSE:PEN opened at $204.71 on Friday. 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, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 602.09, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54. The firm’s 50 day moving average price is $198.70 and its 200 day moving average price is $193.97.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the business earned $0.43 EPS. As a group, equities research analysts predict that Penumbra, Inc. will post 2.58 earnings per share for the current fiscal year.

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