Oppenheimer Asset Management Inc. Buys Shares of 8,771 Penumbra, Inc. (NYSE:PEN)

Oppenheimer Asset Management Inc. purchased a new position in shares of Penumbra, Inc. (NYSE:PEN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,771 shares of the company’s stock, valued at approximately $1,579,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in Penumbra by 7.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 118,828 shares of the company’s stock worth $29,893,000 after acquiring an additional 8,122 shares in the last quarter. Norges Bank acquired a new stake in shares of Penumbra during the fourth quarter worth about $85,222,000. Corient Private Wealth LLC boosted its stake in shares of Penumbra by 50.6% in the fourth quarter. Corient Private Wealth LLC now owns 3,715 shares of the company’s stock valued at $934,000 after purchasing an additional 1,249 shares during the period. Trexquant Investment LP purchased a new position in shares of Penumbra in the fourth quarter valued at approximately $2,532,000. Finally, Quest Partners LLC acquired a new position in shares of Penumbra in the fourth quarter valued at approximately $71,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Stock Performance

NYSE PEN opened at $195.58 on Thursday. The company has a fifty day moving average of $190.01 and a two-hundred day moving average of $199.77. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The company has a market capitalization of $7.60 billion, a PE ratio of 82.52, a P/E/G ratio of 2.24 and a beta of 0.54.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 EPS. As a group, analysts expect that Penumbra, Inc. will post 2.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PEN. Robert W. Baird cut their price objective on Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Piper Sandler reduced their price target on Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. BTIG Research boosted their price objective on Penumbra from $187.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Canaccord Genuity Group cut their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company downgraded shares of Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and an average target price of $208.00.

Insider Transactions at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Penumbra news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction that occurred 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 transaction, the director now directly owns 8,863 shares in the company, valued at approximately $1,809,026.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,372 shares of company stock worth $3,888,852. Insiders own 5.00% of the company’s stock.

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.