Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser Sells 15,000 Shares

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the completion of the sale, the chief executive officer now directly owns 882,582 shares in the company, valued at $174,495,287.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Adam Elsesser also recently made the following trade(s):

• On Thursday, August 22nd, Adam Elsesser sold 1,620 shares of Penumbra stock. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00.
• On Wednesday, July 17th, Adam Elsesser sold 15,000 shares of Penumbra stock. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00.

Penumbra Stock Down 1.8 %

PEN stock traded down $3.50 during mid-day trading on Tuesday, reaching $191.40. 261,642 shares of the company traded hands, compared to its average volume of 388,125. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of 80.76, a P/E/G ratio of 2.10 and a beta of 0.54. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The firm’s 50 day moving average price is $190.34 and its 200 day moving average price is $197.86. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02.

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 the consensus estimate of $0.56 by $0.08. The company had revenue of $299.40 million for 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%. Penumbra’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 earnings per share. As a group, equities research analysts predict that Penumbra, Inc. will post 2.63 EPS for the current fiscal year.

Penumbra declared that its board has authorized a share repurchase plan on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PEN. Mather Group LLC. purchased a new stake in Penumbra in the 1st quarter valued at about $29,000. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra during the second quarter valued at approximately $54,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after acquiring an additional 369 shares during the period. Quest Partners LLC purchased a new position in Penumbra in the fourth quarter worth $71,000. Finally, Headlands Technologies LLC bought a new position in Penumbra in the 1st quarter valued at $89,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PEN. Leerink Partners initiated coverage on Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective on the stock. Canaccord Genuity Group cut their price target on Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Robert W. Baird reduced their price objective on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company downgraded shares of Penumbra from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Finally, Piper Sandler reduced their price target on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $208.00.

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.