Bank Pictet & Cie Europe AG Invests $244,000 in Penumbra, Inc. (NYSE:PEN)

Bank Pictet & Cie Europe AG purchased a new stake in Penumbra, Inc. (NYSE:PEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,258 shares of the company’s stock, valued at approximately $244,000.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after acquiring an additional 32,557 shares during the period. First Hawaiian Bank bought a new stake in Penumbra during the 2nd quarter worth approximately $1,597,000. Jennison Associates LLC raised its holdings in 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 buying an additional 57,310 shares during the period. Tidal Investments LLC lifted its stake in Penumbra by 276.9% in the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock valued at $1,109,000 after buying an additional 3,652 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in shares of Penumbra by 24.3% in the first quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock valued at $3,721,000 after buying an additional 3,257 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

Shares of NYSE PEN opened at $205.77 on Wednesday. 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 business’s 50 day moving average price is $197.66 and its two-hundred day moving average price is $193.92. The company has a market cap of $7.99 billion, a PE ratio of 605.21, a price-to-earnings-growth ratio of 2.39 and a beta of 0.54. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34.

Penumbra (NYSE:PEN) last issued its 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. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. During the same period in the previous year, the company posted $0.43 EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, analysts predict that Penumbra, Inc. will post 2.58 EPS for the current year.

Penumbra announced that its board has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on PEN. Robert W. Baird cut their price objective on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Piper Sandler reiterated an “overweight” rating and set a $225.00 price objective (up from $200.00) on shares of Penumbra in a report on Friday, October 18th. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Canaccord Genuity Group raised their price target on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $220.17.

Insider Activity

In related news, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value of $324,000.00. Following the completion of the sale, the chief executive officer now directly owns 925,962 shares in the company, valued at $185,192,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,368 shares of company stock valued at $3,824,718 over the last ninety days. 5.00% of the stock is currently 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.