Bryce Point Capital LLC Makes New Investment in Penumbra, Inc. (NYSE:PEN)

Key Points

• Bryce Point Capital LLC acquired a new stake in Penumbra, Inc. by purchasing 3,009 shares valued at approximately $839,000 during the first quarter.
• Institutional investors, including Norges Bank and T. Rowe Price, have significantly increased their holdings, with T. Rowe Price raising ownership by 47.4% to 707,061 shares valued at $167.9 million.
• Penumbra received multiple analyst upgrades, with UBS Group setting a new price target of $330.00, reflecting positive outlooks from several analysts for the company’s stock.

Bryce Point Capital LLC purchased a new position in Penumbra, Inc. (NYSE:PEN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,009 shares of the company's stock, valued at approximately $839,000.

Other institutional investors have also recently bought and sold shares of the company. Synergy Investment Management LLC acquired a new stake in Penumbra during the 1st quarter worth about $27,000. First Horizon Advisors Inc. boosted its position in Penumbra by 404.8% during the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after acquiring an additional 85 shares during the period. Hurley Capital LLC acquired a new stake in Penumbra during the 4th quarter worth about $56,000. Huntington National Bank boosted its position in Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after acquiring an additional 154 shares during the period. Finally, Versant Capital Management Inc boosted its position in Penumbra by 893.5% during the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company's stock worth $82,000 after acquiring an additional 277 shares during the period. Hedge funds and other institutional investors own 88.88% of the company's stock.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Bridget O'rourke sold 100 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $286.15, for a total value of $28,615.00. Following the sale, the director directly owned 5,423 shares in the company, valued at $1,551,791.45. This represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Adam Elsesser sold 16,150 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $233.16, for a total value of $3,765,534.00. Following the completion of the sale, the chief executive officer owned 146,258 shares in the company, valued at $34,101,515.28. This trade represents a 9.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 117,735 shares of company stock worth $31,074,530 over the last three months. Company insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on PEN shares. Royal Bank Of Canada decreased their price objective on Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research report on Wednesday. Wall Street Zen upgraded Penumbra from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. UBS Group set a $335.00 price target on Penumbra and gave the company a "buy" rating in a report on Wednesday. Stifel Nicolaus set a $318.00 price target on Penumbra and gave the company a "buy" rating in a report on Thursday, April 24th. Finally, Citigroup reduced their price target on Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $300.47.

Penumbra Stock Performance

Shares of PEN traded up $2.69 on Thursday, reaching $256.90. 621,359 shares of the stock traded hands, compared to its average volume of 501,758. The firm has a market cap of $9.95 billion, a price-to-earnings ratio of 68.48, a P/E/G ratio of 2.02 and a beta of 0.47. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.30 and a quick ratio of 3.68. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $310.00. The stock's 50-day moving average price is $250.23 and its 200-day moving average price is $267.25.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. Penumbra had a return on equity of 11.89% and a net margin of 11.54%. The firm had revenue of $339.46 million for the quarter, compared to analysts' expectations of $327.37 million. During the same period in the prior year, the business posted $0.64 earnings per share. The business's revenue was up 13.4% compared to the same quarter last year. Equities analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

About Penumbra

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.