85,000 Shares in Penumbra, Inc. $PEN Purchased by Empyrean Capital Partners LP

Key Points

• Empyrean Capital Partners acquired 85,000 Penumbra shares worth approximately $27.9 million, giving it a 0.22% stake. Institutional investors collectively own 88.88% of the company.
• Analyst sentiment remains cautious: Penumbra has an average “Hold” rating and a consensus price target of $360.33, with recent downgrades including Zacks Research moving to “strong sell.”
• Penumbra’s latest quarterly revenue rose 15.6% year over year to $374.76 million, beating estimates, but earnings per share of $0.82 missed the $1.06 consensus forecast.

Empyrean Capital Partners LP acquired a new stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 85,000 shares of the company's stock, valued at approximately $27,911,000. Empyrean Capital Partners LP owned about 0.22% of Penumbra as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC raised its holdings in Penumbra by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 766,510 shares of the company's stock worth $238,365,000 after buying an additional 18,738 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Penumbra by 1.1% during the fourth quarter. Invesco Ltd. now owns 638,305 shares of the company's stock valued at $198,455,000 after buying an additional 7,211 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Penumbra by 165.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after acquiring an additional 370,636 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Penumbra by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 475,898 shares of the company's stock valued at $147,962,000 after acquiring an additional 7,050 shares in the last quarter. Finally, Whitebox Advisors LLC bought a new stake in shares of Penumbra during the first quarter valued at approximately $146,125,000. 88.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PEN has been the topic of several analyst reports. Zacks Research cut Penumbra from a "hold" rating to a "strong sell" rating in a research report on Monday, June 29th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $374.00 target price on shares of Penumbra in a report on Thursday, June 11th. Wall Street Zen upgraded Penumbra to a "hold" rating in a research note on Saturday, May 9th. Citigroup decreased their price target on Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $360.33.

Penumbra Price Performance

Shares of Penumbra stock opened at $319.46 on Tuesday. Penumbra, Inc. has a one year low of $221.26 and a one year high of $362.41. The stock's fifty day moving average is $319.32 and its 200 day moving average is $330.05. The stock has a market cap of $12.56 billion, a P/E ratio of 73.61, a P/E/G ratio of 1.98 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.95 and a current ratio of 6.02.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.24). Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The company had revenue of $374.76 million for the quarter, compared to analysts' expectations of $370.47 million. During the same quarter last year, the firm posted $0.83 earnings per share. Penumbra's revenue for the quarter was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that Penumbra, Inc. will post 5.02 earnings per share for the current year.

Penumbra Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra's technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra's portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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