Calamos Advisors LLC Acquires 62,218 Shares of Penumbra, Inc. $PEN

Key Points

• Calamos Advisors LLC dramatically increased its Penumbra stake by 1,334% in Q1, buying 62,218 additional shares and bringing its total holdings to 66,882 shares worth about $21.96 million.
• Penumbra reported mixed quarterly results: revenue rose 15.6% year over year to $374.76 million, but EPS of $0.82 missed analyst expectations of $1.06.
• Analyst sentiment remains cautious overall, with a Hold consensus rating and an average price target of $360.33, while recent target cuts and downgrades show some division on the stock.

Calamos Advisors LLC raised its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 1,334.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,882 shares of the company's stock after buying an additional 62,218 shares during the period. Calamos Advisors LLC owned about 0.17% of Penumbra worth $21,962,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PEN. State of Michigan Retirement System boosted its stake in shares of Penumbra by 2.2% during the 1st quarter. State of Michigan Retirement System now owns 9,414 shares of the company's stock worth $3,091,000 after acquiring an additional 200 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Penumbra by 5.1% in the 1st quarter. Principal Financial Group Inc. now owns 88,178 shares of the company's stock worth $28,955,000 after purchasing an additional 4,263 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of Penumbra by 2.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 39,003 shares of the company's stock worth $12,807,000 after purchasing an additional 920 shares in the last quarter. Diversify Wealth Management LLC raised its holdings in Penumbra by 72.0% in the 1st quarter. Diversify Wealth Management LLC now owns 8,283 shares of the company's stock worth $2,691,000 after purchasing an additional 3,467 shares during the period. Finally, Citizens Financial Group Inc. RI raised its holdings in Penumbra by 0.3% in the 1st quarter. Citizens Financial Group Inc. RI now owns 31,254 shares of the company's stock worth $10,263,000 after purchasing an additional 88 shares during the period. 88.88% of the stock is currently owned by institutional investors.

Penumbra Price Performance

NYSE:PEN opened at $316.32 on Wednesday. The company has a quick ratio of 3.95, a current ratio of 6.02 and a debt-to-equity ratio of 0.01. The business's 50-day simple moving average is $320.27 and its two-hundred day simple moving average is $329.78. The stock has a market cap of $12.44 billion, a PE ratio of 72.89, a P/E/G ratio of 1.97 and a beta of 0.70. Penumbra, Inc. has a 52 week low of $221.26 and a 52 week high of $362.41.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.24). The business had revenue of $374.76 million during the quarter, compared to analysts' expectations of $370.47 million. Penumbra had a net margin of 11.76% and a return on equity of 10.87%. Penumbra's revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.83 earnings per share. As a group, analysts forecast that Penumbra, Inc. will post 5.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Citigroup cut their price target on Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a report on Thursday, May 7th. Evercore reaffirmed an "outperform" rating and issued a $320.00 price objective on shares of Penumbra in a research note on Monday, July 6th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $374.00 price objective on shares of Penumbra in a research note on Thursday, June 11th. Zacks Research cut Penumbra from a "hold" rating to a "strong sell" rating in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded Penumbra to a "hold" rating in a research note on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $360.33.

About Penumbra

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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