GABELLI & Co INVESTMENT ADVISERS INC. Takes Position in Penumbra, Inc. $PEN

Key Points

• Gabelli & Co. Investment Advisers initiated a new position in Penumbra during the first quarter, buying 51,692 shares valued at about $16.97 million. The stake represents roughly 2.5% of the firm’s holdings and 0.13% of Penumbra.
• Institutional ownership of Penumbra remains very high at 88.88%, with several other funds also adding to or establishing positions in the medical device maker.
• Analysts are mostly cautious on the stock: the consensus rating is Hold with an average price target of $360.33. Penumbra most recently reported quarterly revenue above estimates, but EPS missed expectations.

GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in Penumbra, Inc. (NYSE:PEN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 51,692 shares of the company's stock, valued at approximately $16,974,000. Penumbra accounts for about 2.5% of GABELLI & Co INVESTMENT ADVISERS INC.'s holdings, making the stock its 9th biggest position. GABELLI & Co INVESTMENT ADVISERS INC. owned 0.13% of Penumbra as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PSquared Asset Management AG bought a new stake in Penumbra in the 1st quarter worth $14,049,000. Compound Planning Inc. purchased a new position in shares of Penumbra in the first quarter valued at about $241,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Penumbra by 130.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 400,160 shares of the company's stock valued at $131,401,000 after acquiring an additional 226,314 shares during the last quarter. Caxton Associates LLP bought a new position in shares of Penumbra during the first quarter valued at about $60,638,000. Finally, Capula Management Ltd purchased a new stake in shares of Penumbra during the first quarter worth about $33,421,000. 88.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PEN has been the topic of several recent analyst reports. Citigroup cut their target price on Penumbra from $374.00 to $350.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $374.00 price objective on shares of Penumbra in a report on Thursday, June 11th. Evercore reiterated an "outperform" rating and issued a $320.00 price objective on shares of Penumbra in a research report on Monday, July 6th. Zacks Research cut Penumbra from a "hold" rating to a "strong sell" rating in a research note on Monday, June 29th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Penumbra in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $360.33.

Penumbra Price Performance

Shares of NYSE PEN opened at $318.60 on Friday. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.02 and a quick ratio of 3.95. The company's 50-day moving average is $319.45 and its 200 day moving average is $329.92. The stock has a market capitalization of $12.53 billion, a P/E ratio of 73.41, a P/E/G ratio of 1.97 and a beta of 0.70.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results 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). The company had revenue of $374.76 million during the quarter, compared to the consensus estimate of $370.47 million. Penumbra had a return on equity of 10.87% and a net margin of 11.76%.Penumbra's quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.83 earnings per share. On average, sell-side analysts expect that Penumbra, Inc. will post 5.02 earnings per share for the current year.

Penumbra Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.