Connor Clark & Lunn Investment Management Ltd. Buys New Position in Penumbra, Inc. $PEN

Key Points

• Connor Clark & Lunn bought 5,111 Penumbra shares worth approximately $1.6 million during the second quarter. Institutional investors and hedge funds collectively own 88.88% of the company.
• Penumbra’s latest quarterly revenue rose 14.9% year over year to $390.05 million, but earnings of $0.88 per share missed analysts’ $1.16 estimate. Analysts forecast full-year EPS of $5.02.
• Shares traded around $321.58, while analysts maintain a consensus “Hold” rating and an average price target of $367.07; the stock has a P/E ratio of 79.01.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,111 shares of the company's stock, valued at approximately $1,614,000.

A number of other institutional investors also recently made changes to their positions in the stock. New York Life Investment Management LLC bought a new position in Penumbra during the 4th quarter valued at $999,000. Simplify Asset Management Inc. raised its stake in shares of Penumbra by 89.7% in the 4th quarter. Simplify Asset Management Inc. now owns 15,827 shares of the company's stock worth $4,921,000 after buying an additional 7,485 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Penumbra in the fourth quarter valued at $2,091,000. Stephens Investment Management Group LLC acquired a new stake in shares of Penumbra in the fourth quarter valued at $37,563,000. Finally, Sculptor Capital LP bought a new position in Penumbra during the first quarter valued at about $18,717,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Trading Up 0.2%

NYSE:PEN opened at $321.58 on Friday. The company has a quick ratio of 3.86, a current ratio of 5.75 and a debt-to-equity ratio of 0.01. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The firm has a market capitalization of $12.67 billion, a price-to-earnings ratio of 79.01, a price-to-earnings-growth ratio of 1.99 and a beta of 0.70. The stock has a fifty day simple moving average of $320.71 and a 200 day simple moving average of $326.86.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). The company had revenue of $390.05 million for the quarter, compared to analyst estimates of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.Penumbra's quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. Sell-side analysts forecast that Penumbra, Inc. will post 5.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Evercore reaffirmed an "outperform" rating and set a $320.00 target price on shares of Penumbra in a report on Monday, July 6th. Zacks Research raised shares of Penumbra from a "strong sell" rating to a "hold" rating in a report on Monday, August 24th. Wall Street Zen upgraded shares of Penumbra to a "hold" rating in a research report on Saturday, May 9th. 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. Finally, Citigroup dropped their target price on shares of Penumbra from $374.00 to $350.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $367.07.

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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