Partner Fund Management L.P. Boosts Stake in Penumbra Inc (PEN)

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Partner Fund Management L.P. grew its holdings in Penumbra Inc (NYSE:PEN) by 26.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 725,401 shares of the company’s stock after purchasing an additional 151,001 shares during the period. Penumbra makes up about 1.6% of Partner Fund Management L.P.’s holdings, making the stock its 17th biggest position. Partner Fund Management L.P. owned about 2.10% of Penumbra worth $108,593,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. First Trust Advisors LP increased its holdings in Penumbra by 294.2% during the 3rd quarter. First Trust Advisors LP now owns 261,832 shares of the company’s stock worth $39,196,000 after acquiring an additional 195,413 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Penumbra by 330.1% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 187,767 shares of the company’s stock worth $28,109,000 after acquiring an additional 144,111 shares during the period. Renaissance Technologies LLC bought a new stake in Penumbra during the 2nd quarter worth approximately $17,365,000. Morgan Stanley increased its holdings in Penumbra by 15.7% during the 2nd quarter. Morgan Stanley now owns 710,987 shares of the company’s stock worth $98,222,000 after acquiring an additional 96,324 shares during the period. Finally, Paloma Partners Management Co increased its holdings in Penumbra by 4,927.7% during the 2nd quarter. Paloma Partners Management Co now owns 90,499 shares of the company’s stock worth $12,503,000 after acquiring an additional 88,699 shares during the period. 72.37% of the stock is currently owned by institutional investors.

In other news, EVP Johanna Roberts sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $150.00, for a total value of $150,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harpreet Grewal sold 665 shares of the firm’s stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $148.58, for a total transaction of $98,805.70. The disclosure for this sale can be found here. Corporate insiders own 10.70% of the company’s stock.

Shares of PEN opened at $139.33 on Wednesday. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of -13,933.00, a PEG ratio of 15.28 and a beta of 0.40. Penumbra Inc has a twelve month low of $82.55 and a twelve month high of $167.35.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Monday, November 5th. The company reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.14. The business had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $103.59 million. Penumbra had a net margin of 2.15% and a return on equity of 4.21%. The firm’s revenue for the quarter was up 33.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 EPS. As a group, equities research analysts expect that Penumbra Inc will post 0.47 earnings per share for the current fiscal year.

A number of brokerages have recently commented on PEN. ValuEngine raised shares of Penumbra from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Zacks Investment Research lowered shares of Penumbra from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 10th. Royal Bank of Canada began coverage on shares of Penumbra in a report on Monday, October 8th. They issued an “outperform” rating and a $174.00 price target on the stock. Bank of America reissued a “buy” rating and issued a $36.00 price target on shares of Penumbra in a report on Monday, October 29th. Finally, BMO Capital Markets increased their price target on shares of Penumbra from $150.00 to $152.00 and gave the stock a “market perform” rating in a report on Tuesday, November 6th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Penumbra currently has a consensus rating of “Buy” and a consensus price target of $145.57.

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Penumbra Company Profile

Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.

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Institutional Ownership by Quarter for Penumbra (NYSE:PEN)

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