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 Penumbra stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 867,582 shares in the company, valued at approximately $177,472,573.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 shares were sold at an average price of $200.00, for a total value of $324,000.00.

Penumbra Stock Down 0.9 %

Shares of PEN stock traded down $1.91 during mid-day trading on Wednesday, hitting $203.71. The company’s stock had a trading volume of 233,880 shares, compared to its average volume of 378,407. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34. The business has a 50-day moving average price of $198.07 and a 200 day moving average price of $193.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. The stock has a market cap of $7.91 billion, a price-to-earnings ratio of 599.15, a PEG ratio of 2.39 and a beta of 0.54.

Penumbra (NYSE:PEN) last posted its quarterly 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 return on equity of 8.39% and a net margin of 1.26%. The firm had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter in the previous year, the business earned $0.43 earnings per share. The company’s revenue was up 14.5% on a year-over-year basis. Research analysts predict that Penumbra, Inc. will post 2.58 EPS for the current fiscal year.

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

Institutional Trading of Penumbra

Several large investors have recently modified their holdings of PEN. Champlain Investment Partners LLC grew its holdings in shares of Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after acquiring an additional 616,700 shares during the period. AQR Capital Management LLC grew its holdings in Penumbra by 439.8% during the second quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock valued at $31,283,000 after purchasing an additional 145,364 shares during the period. Dimensional Fund Advisors LP grew its holdings in Penumbra by 96.7% during the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after purchasing an additional 126,392 shares during the period. Renaissance Technologies LLC bought a new stake in Penumbra during the second quarter valued at about $17,943,000. Finally, William Blair Investment Management LLC grew its holdings in Penumbra by 12.2% during the first 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 period. Institutional investors own 88.88% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PEN shares. Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Robert W. Baird lowered their target price on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Morgan Stanley lowered their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Finally, Truist Financial lifted their price objective on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Five 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $220.17.

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.