Vestal Point Capital LP Buys Shares of 15,000 Penumbra, Inc. (NYSE:PEN)

Vestal Point Capital LP acquired a new position in shares of Penumbra, Inc. (NYSE:PEN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 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. Advisors Asset Management Inc. grew its position in Penumbra by 11.5% in 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 in the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after purchasing an additional 55 shares in the last quarter. ProShare Advisors LLC increased its position in Penumbra by 2.9% during the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after buying an additional 62 shares during the last quarter. Legacy Wealth Asset Management LLC raised its holdings in Penumbra by 3.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after buying an additional 65 shares in the last quarter. Finally, Creative Planning lifted its position in shares of Penumbra by 4.7% in the third quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after buying an additional 71 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PEN shares. BTIG Research increased their price objective on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler lifted their price target on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Leerink Partners assumed coverage on shares of Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective for the company. Canaccord Genuity Group lifted their target price on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada boosted their target price on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $230.92.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This represents a 1.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total transaction of $114,456.00. Following the transaction, the executive vice president now directly owns 60,488 shares in the company, valued at $11,538,690.88. The trade was a 0.98 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is currently owned by insiders.

Penumbra Stock Down 1.9 %

Shares of NYSE PEN opened at $244.15 on Friday. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 283.90, a price-to-earnings-growth ratio of 2.46 and a beta of 0.51. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The firm’s 50-day simple moving average is $215.77 and its 200 day simple moving average is $198.27.

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

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