Caxton Associates LLP Invests $60.64 Million in Penumbra, Inc. $PEN

Key Points

• Caxton Associates LLP opened a new position in Penumbra, buying 184,663 shares valued at about $60.64 million. The stake represents 1.4% of Caxton’s portfolio and makes PEN its 12th largest holding.
• Penumbra reported Q1 revenue of $374.76 million, up 15.6% year over year, but earnings came in below expectations at $0.82 EPS versus the $1.06 consensus estimate.
• Wall Street sentiment is mixed but leans cautious: the stock has a Hold consensus rating, with 3 Buy ratings, 14 Hold ratings and 1 Sell rating, and an average price target of $360.33.

Caxton Associates LLP acquired a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 184,663 shares of the company's stock, valued at approximately $60,638,000. Penumbra comprises 1.4% of Caxton Associates LLP's holdings, making the stock its 12th biggest position. Caxton Associates LLP owned approximately 0.47% of Penumbra at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in shares of Penumbra by 35.8% during the first quarter. Royal Bank of Canada now owns 19,332 shares of the company's stock valued at $5,169,000 after acquiring an additional 5,092 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Penumbra by 209.1% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company's stock valued at $70,000 after purchasing an additional 184 shares during the period. Cerity Partners LLC increased its holdings in Penumbra by 22.3% in the second quarter. Cerity Partners LLC now owns 10,030 shares of the company's stock valued at $2,574,000 after purchasing an additional 1,829 shares during the period. California Public Employees Retirement System raised its position in Penumbra by 7.9% during the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company's stock worth $15,661,000 after purchasing an additional 4,491 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Penumbra during the 2nd quarter worth $1,137,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Trading Up 0.4%

PEN opened at $317.83 on Friday. The company has a fifty day moving average price of $319.53 and a two-hundred day moving average price of $330.00. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company has a market cap of $12.50 billion, a P/E ratio of 73.23, a price-to-earnings-growth ratio of 1.96 and a beta of 0.70. The company has a current ratio of 6.02, a quick ratio of 3.95 and a debt-to-equity ratio of 0.01.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.06 by ($0.24). Penumbra had a return on equity of 10.87% and a net margin of 11.76%.The company had revenue of $374.76 million for the quarter, compared to the consensus estimate of $370.47 million. During the same period last year, the company earned $0.83 EPS. Penumbra's revenue for the quarter was up 15.6% compared to the same quarter last year. Analysts predict that Penumbra, Inc. will post 5.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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