Intech Investment Management LLC Invests $3.59 Million in Penumbra, Inc. (NYSE:PEN)

Intech Investment Management LLC acquired a new stake in Penumbra, Inc. (NYSE:PEN) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 19,925 shares of the company’s stock, valued at approximately $3,586,000. Intech Investment Management LLC owned 0.05% of Penumbra as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of PEN. Vanguard Group Inc. raised its stake in shares of Penumbra by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares during the period. Dimensional Fund Advisors LP lifted its stake in Penumbra by 7.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 118,828 shares of the company’s stock valued at $29,893,000 after acquiring an additional 8,122 shares in the last quarter. First Hawaiian Bank acquired a new position in Penumbra during the 2nd quarter worth approximately $1,597,000. Jennison Associates LLC grew its stake in shares of Penumbra by 192.1% during the 1st quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock worth $19,448,000 after acquiring an additional 57,310 shares in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Penumbra in the fourth quarter valued at approximately $1,887,000. 88.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PEN has been the subject of several recent research reports. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Royal Bank of Canada reduced their price objective on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Leerink Partners began coverage on Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Robert W. Baird decreased their price target on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Six 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. According to MarketBeat.com, Penumbra has an average rating of “Moderate Buy” and an average price target of $208.00.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Penumbra news, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.99, for a total value of $30,598.30. Following the completion of the sale, the director now owns 1,005 shares in the company, valued at approximately $180,889.95. The sale was disclosed in a 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 that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the transaction, the executive vice president now owns 61,088 shares in the company, valued at approximately $12,597,567.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,372 shares of company stock valued at $3,888,852. 5.00% of the stock is owned by insiders.

Penumbra Trading Down 2.9 %

Shares of Penumbra stock opened at $195.00 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The business has a fifty day simple moving average of $190.38 and a two-hundred day simple moving average of $198.64. 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 $7.56 billion, a price-to-earnings ratio of 82.28, a P/E/G ratio of 2.10 and a beta of 0.54.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter last year, the company posted $0.43 EPS. Penumbra’s quarterly revenue was up 14.5% compared to the same quarter last year. Research analysts forecast that Penumbra, Inc. will post 2.63 EPS for the current year.

Penumbra announced that its board has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

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.