Insider Selling: Penumbra, Inc. (NYSE:PEN) CEO Sells $3,559,200.00 in Stock

Penumbra, Inc. (NYSE:PEN) CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total transaction of $3,559,200.00. Following the completion of the transaction, the chief executive officer now directly owns 852,582 shares in the company, valued at approximately $202,300,656.96. The trade was a 1.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Monday, October 21st, Adam Elsesser sold 15,000 shares of Penumbra stock. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00.
• On Friday, September 20th, Adam Elsesser sold 15,000 shares of Penumbra stock. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00.

Penumbra Price Performance

Shares of NYSE PEN opened at $244.84 on Monday. The stock’s 50-day simple moving average is $211.55 and its two-hundred day simple moving average is $197.12. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34. The firm has a market capitalization of $9.40 billion, a P/E ratio of 284.70, a P/E/G ratio of 2.44 and a beta of 0.51. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $0.67 EPS. As a group, equities analysts anticipate that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

Penumbra declared that its Board of Directors has approved a share repurchase program on Tuesday, August 13th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PEN shares. Stifel Nicolaus initiated coverage on shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. Royal Bank of Canada boosted their target price on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Canaccord Genuity Group lifted their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Finally, Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and an average target price of $227.92.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Penumbra by 0.9% during 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. CANADA LIFE ASSURANCE Co increased its stake in shares of Penumbra by 2.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 29,054 shares of the company’s stock valued at $6,490,000 after buying an additional 559 shares during the period. EntryPoint Capital LLC raised its holdings in shares of Penumbra by 562.8% during the first quarter. EntryPoint Capital LLC now owns 517 shares of the company’s stock valued at $115,000 after acquiring an additional 439 shares in the last quarter. First Light Asset Management LLC purchased a new stake in Penumbra in the first quarter worth $8,471,000. Finally, Silvercrest Asset Management Group LLC boosted its holdings in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after acquiring an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

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.