Oppenheimer Asset Management Inc. Increases Holdings in Penumbra, Inc. (NYSE:PEN)

Oppenheimer Asset Management Inc. raised its stake in Penumbra, Inc. (NYSE:PEN) by 4.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,118 shares of the company’s stock after buying an additional 347 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Penumbra were worth $1,772,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co acquired a new stake in shares of Penumbra during the 2nd quarter worth approximately $54,000. Park Place Capital Corp raised its position in shares of Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after buying an additional 339 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in 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 acquiring an additional 369 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock worth $92,000 after acquiring an additional 453 shares during the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the transaction, the chief executive officer now owns 867,582 shares in the company, valued at $177,472,573.92. The trade was a 1.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total value of $114,456.00. Following the sale, the executive vice president now directly owns 60,488 shares of the company’s stock, valued at approximately $11,538,690.88. This represents a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,768 shares of company stock valued at $6,787,530 in the last ninety days. 5.00% of the stock is currently owned by company insiders.

Penumbra Stock Up 1.9 %

PEN opened at $237.84 on Monday. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The stock has a market capitalization of $9.13 billion, a P/E ratio of 276.56, a price-to-earnings-growth ratio of 2.41 and a beta of 0.51. The business’s 50-day simple moving average is $207.29 and its 200-day simple moving average is $196.04.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the company posted $0.67 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Analysts anticipate that Penumbra, Inc. will post 2.79 EPS for the current year.

Penumbra announced that its board has approved a stock buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Citigroup increased their price target on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Canaccord Genuity Group increased their target price on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus initiated coverage on Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $226.67.

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.