Vestal Point Capital LP Acquires New Holdings in Penumbra, Inc. (NYSE:PEN)

Vestal Point Capital LP bought a new position in shares of Penumbra, Inc. (NYSE:PEN) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 15,000 shares of the company’s stock, valued at approximately $2,915,000.

A number of other institutional investors have also recently bought and sold shares of PEN. GAMMA Investing LLC lifted its holdings in shares of Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co bought a new stake in Penumbra in the 2nd quarter valued at approximately $54,000. Park Place Capital Corp boosted its position in Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after acquiring an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after acquiring an additional 369 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Insider Transactions at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total value of $3,559,200.00. Following the transaction, the chief executive officer now directly owns 852,582 shares of the company’s stock, valued at $202,300,656.96. This trade represents a 1.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 782 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the sale, the director now owns 8,863 shares of the company’s stock, valued at $1,809,026.93. The trade was a 8.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is owned by corporate insiders.

Penumbra Price Performance

NYSE:PEN opened at $244.15 on Friday. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34. The company has a market cap of $9.37 billion, a P/E ratio of 283.90, a P/E/G ratio of 2.46 and a beta of 0.51. The firm’s fifty day moving average price is $215.77 and its two-hundred day moving average price is $198.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same quarter in the previous year, the business posted $0.67 earnings per share. Penumbra’s quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PEN. Leerink Partners initiated coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price for the company. Piper Sandler upped their target price on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Canaccord Genuity Group raised their price target on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Citigroup boosted their price target on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Finally, Robert W. Baird increased their price objective on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Five equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $230.92.

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.