Adam Elsesser Sells 15,000 Shares of Penumbra, Inc. (NYSE:PEN) Stock

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on 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 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 Monday, October 21st, Adam Elsesser sold 15,000 shares of Penumbra stock. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00.
• 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 transaction of $2,965,650.00.

Penumbra Stock Up 1.8 %

PEN opened at $244.84 on Friday. The stock has a fifty day moving average of $211.55 and a 200-day moving average of $197.16. The company has a market capitalization of $9.40 billion, a P/E ratio of 284.70, a P/E/G ratio of 2.44 and a beta of 0.51. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week 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.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business 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 company earned $0.67 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that Penumbra, Inc. will post 2.79 EPS for the current year.

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

Hedge Funds Weigh In On Penumbra

A number of hedge funds have recently added to or reduced their stakes in PEN. Geode Capital Management LLC lifted its position in shares of Penumbra by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 655,572 shares of the company’s stock valued at $127,417,000 after acquiring an additional 11,257 shares during the period. M&T Bank Corp lifted its position in Penumbra by 14.1% during the third quarter. M&T Bank Corp now owns 1,445 shares of the company’s stock worth $281,000 after purchasing an additional 179 shares during the period. Barclays PLC grew its stake in Penumbra by 16.5% during the third quarter. Barclays PLC now owns 18,025 shares of the company’s stock worth $3,502,000 after buying an additional 2,559 shares in the last quarter. XTX Topco Ltd increased its holdings in Penumbra by 70.7% in the 3rd quarter. XTX Topco Ltd now owns 2,680 shares of the company’s stock valued at $521,000 after buying an additional 1,110 shares during the period. Finally, State Street Corp raised its position in shares of Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after buying an additional 3,863 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Analyst Ratings Changes

PEN has been the subject of a number of recent analyst reports. Leerink Partners began coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Canaccord Genuity Group boosted their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price objective on the stock. Finally, Robert W. Baird lifted their target price on Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Five 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 company. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and a consensus price target of $227.92.

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.