First Light Asset Management LLC Purchases 5,153 Shares of Penumbra, Inc. (NYSE:PEN)

First Light Asset Management LLC raised its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 13.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,108 shares of the company’s stock after purchasing an additional 5,153 shares during the quarter. First Light Asset Management LLC owned 0.11% of Penumbra worth $7,758,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Silvercrest Asset Management Group LLC raised its stake in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after buying an additional 55 shares in the last quarter. ProShare Advisors LLC increased its holdings in Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after buying an additional 62 shares during the period. Arcadia Investment Management Corp MI raised its holdings in shares of Penumbra by 7.9% during the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after purchasing an additional 74 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Penumbra by 0.3% in the first quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock worth $10,817,000 after buying an additional 127 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in Penumbra during the first quarter worth about $29,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Trading Down 0.1 %

Shares of PEN opened at $194.90 on Tuesday. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The company has a market capitalization of $7.56 billion, a PE ratio of 82.24, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. The stock has a fifty day moving average of $190.45 and a two-hundred day moving average of $198.23. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25.

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

Penumbra announced that its Board of Directors has approved 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 reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $179.20, for a total transaction of $107,520.00. Following the sale, the executive vice president now directly owns 62,288 shares in the company, valued at approximately $11,162,009.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Don W. Kassing sold 170 shares of the firm’s 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 transaction, the director now directly owns 1,005 shares in the company, valued at approximately $180,889.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The disclosure for this sale can be found here. Insiders have sold 19,372 shares of company stock valued at $3,888,852 in the last quarter. Company insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup raised their price target on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Morgan Stanley dropped their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group reduced their price target on Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. BTIG Research raised their price objective on Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Finally, Leerink Partners began coverage on Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and an average price target of $208.00.

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.