Harvest Management LLC Acquires 39,487 Shares of Penumbra, Inc. $PEN

Key Points

• Harvest Management increased its Penumbra stake by 219.4% in the second quarter, acquiring 39,487 additional shares for a total of 57,487 shares valued at approximately $18.2 million.
• Institutional ownership remains high at 88.88%, with BlackRock, Whitebox Advisors, Artisan Partners and others also building or initiating positions.
• Analysts maintain a consensus “Hold” rating with a $367.07 price target. Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year, but earnings per share of $0.88 missed estimates.

Harvest Management LLC grew its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 219.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,487 shares of the company's stock after buying an additional 39,487 shares during the quarter. Penumbra makes up 7.1% of Harvest Management LLC's portfolio, making the stock its 4th largest position. Harvest Management LLC owned 0.15% of Penumbra worth $18,152,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Penumbra in the 2nd quarter valued at about $1,356,953,000. Whitebox Advisors LLC acquired a new stake in shares of Penumbra in the first quarter valued at approximately $146,125,000. Artisan Partners Limited Partnership raised its position in Penumbra by 165.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock worth $184,715,000 after purchasing an additional 370,636 shares during the last quarter. William Blair Investment Management LLC bought a new position in Penumbra in the 4th quarter worth approximately $107,567,000. Finally, Bank of America Corp DE acquired a new position in Penumbra during the 2nd quarter worth $83,995,000. 88.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PEN. Evercore restated an "outperform" rating and set a $320.00 target price on shares of Penumbra in a research report on Monday, July 6th. Royal Bank Of Canada reissued a "sector perform" rating and set a $374.00 price objective on shares of Penumbra in a report on Thursday, June 11th. Zacks Research raised shares of Penumbra from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Citigroup lowered their price target on shares of Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Penumbra to a "hold" rating in a report on Saturday, May 9th. Three analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat.com, Penumbra has a consensus rating of "Hold" and a consensus price target of $367.07.

Penumbra Trading Up 0.2%

PEN opened at $321.58 on Friday. Penumbra, Inc. has a twelve month low of $221.26 and a twelve month high of $362.41. The firm has a market cap of $12.67 billion, a PE ratio of 79.01, a price-to-earnings-growth ratio of 1.99 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.86 and a current ratio of 5.75. The firm's fifty day moving average is $320.71 and its two-hundred day moving average is $326.86.

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

Penumbra 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.

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