Renaissance Technologies LLC Takes $17.94 Million Position in Penumbra, Inc. (NYSE:PEN)

Renaissance Technologies LLC purchased a new position in Penumbra, Inc. (NYSE:PEN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 99,700 shares of the company’s stock, valued at approximately $17,943,000. Renaissance Technologies LLC owned approximately 0.26% of Penumbra at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PEN. Mather Group LLC. bought a new position in shares of Penumbra during the first quarter valued at approximately $29,000. WASHINGTON TRUST Co bought a new position in Penumbra during the 2nd quarter valued at approximately $54,000. Quest Partners LLC purchased a new position in Penumbra during the fourth quarter valued at $71,000. Headlands Technologies LLC bought a new stake in Penumbra in the first quarter worth $89,000. Finally, RiverPark Advisors LLC grew its stake in shares of Penumbra by 360.9% in the first quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock worth $113,000 after acquiring an additional 397 shares during the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Trading Down 2.9 %

Penumbra stock opened at $195.00 on Friday. The business has a 50-day simple moving average of $190.38 and a two-hundred day simple moving average of $199.00. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The company has a market cap of $7.56 billion, a P/E ratio of 82.28, a P/E/G ratio of 2.10 and a beta of 0.54.

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

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PEN. Citigroup upped their price target on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. BTIG Research increased their price target on shares of Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Truist Financial restated a “buy” rating and issued a $200.00 price objective (down from $230.00) on shares of Penumbra in a report on Wednesday, July 31st. Leerink Partners assumed coverage on Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price on the stock. Finally, Royal Bank of Canada decreased their price target on Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Penumbra presently has an average rating of “Moderate Buy” and an average target price of $208.00.

Insider Buying and Selling

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares of the company’s stock, valued at $10,855,854.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the transaction, the director now owns 8,863 shares of the company’s stock, valued at $1,809,026.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at $10,855,854.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,372 shares of company stock valued at $3,888,852. 5.00% of the stock is owned by company insiders.

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.