State Board of Administration of Florida Retirement System raised its position in shares of Penumbra Inc (NYSE:PEN) by 12.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,770 shares of the company’s stock after purchasing an additional 5,193 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.14% of Penumbra worth $7,643,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of PEN. Lisanti Capital Growth LLC grew its stake in Penumbra by 10.1% in the 2nd quarter. Lisanti Capital Growth LLC now owns 18,325 shares of the company’s stock valued at $2,932,000 after acquiring an additional 1,680 shares during the period. Swiss National Bank lifted its holdings in shares of Penumbra by 2.5% in the second quarter. Swiss National Bank now owns 58,000 shares of the company’s stock worth $9,280,000 after buying an additional 1,400 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Penumbra by 11.5% in the second quarter. Envestnet Asset Management Inc. now owns 2,419 shares of the company’s stock worth $387,000 after buying an additional 250 shares in the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Penumbra by 0.7% in the second quarter. Stephens Investment Management Group LLC now owns 298,501 shares of the company’s stock worth $47,760,000 after buying an additional 1,947 shares in the last quarter. Finally, Ardevora Asset Management LLP purchased a new position in shares of Penumbra in the second quarter worth $36,096,000. 92.11% of the stock is currently owned by institutional investors and hedge funds.
PEN has been the topic of several research analyst reports. Bank of America boosted their target price on shares of Penumbra from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Wells Fargo & Co raised their price objective on shares of Penumbra from $180.00 to $185.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. William Blair began coverage on shares of Penumbra in a research note on Tuesday, May 21st. They issued an “outperform” rating on the stock. Royal Bank of Canada set a $174.00 price target on shares of Penumbra and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised shares of Penumbra from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $140.00 to $170.00 in a research note on Thursday, May 30th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Penumbra presently has an average rating of “Buy” and an average target price of $167.14.
Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.06. Penumbra had a return on equity of 6.80% and a net margin of 3.03%. The firm had revenue of $134.20 million for the quarter, compared to analyst estimates of $130.67 million. During the same period in the previous year, the company posted $0.15 earnings per share. The company’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts expect that Penumbra Inc will post 0.9 EPS for the current fiscal year.
In other news, CEO Adam Elsesser sold 8,000 shares of Penumbra stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $149.24, for a total value of $1,193,920.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lynn Rothman sold 5,000 shares of Penumbra stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $144.66, for a total value of $723,300.00. Following the completion of the transaction, the executive vice president now owns 12,012 shares of the company’s stock, valued at approximately $1,737,655.92. The disclosure for this sale can be found here. Insiders have sold a total of 44,412 shares of company stock valued at $7,042,018 over the last three months. 9.60% of the stock is currently owned by insiders.
Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.
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