Horizon Investments LLC Acquires 10,595 Shares of Penumbra, Inc. $PEN

Key Points

• Horizon Investments increased its stake in Penumbra by 261.9%, buying an additional 10,595 shares to hold 14,640 shares worth about $4.55 million after the quarter.
• Penumbra reported a mixed quarter—an EPS miss of ($0.37) vs. $1.12 expected, but revenue rose 22.2% year-over-year to $385.39 million, topping estimates.
• Institutional ownership is high at 88.88%, insiders own about 5% and recent analyst coverage skews to a "Hold" consensus with an average price target of $364.60.

Horizon Investments LLC grew its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 261.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,640 shares of the company's stock after acquiring an additional 10,595 shares during the quarter. Horizon Investments LLC's holdings in Penumbra were worth $4,552,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans increased its holdings in shares of Penumbra by 13.7% during the third quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company's stock valued at $92,984,000 after acquiring an additional 44,185 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Penumbra by 139.4% during the second quarter. AQR Capital Management LLC now owns 330,990 shares of the company's stock valued at $84,939,000 after acquiring an additional 192,734 shares in the last quarter. Holocene Advisors LP bought a new stake in shares of Penumbra during the third quarter valued at approximately $78,585,000. Dimensional Fund Advisors LP increased its holdings in shares of Penumbra by 41.1% during the third quarter. Dimensional Fund Advisors LP now owns 296,584 shares of the company's stock valued at $75,126,000 after acquiring an additional 86,335 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Penumbra by 26.7% during the second quarter. Bank of America Corp DE now owns 263,627 shares of the company's stock valued at $67,655,000 after acquiring an additional 55,551 shares in the last quarter. Institutional investors own 88.88% of the company's stock.

Penumbra Stock Up 0.1%

Shares of NYSE PEN opened at $325.61 on Monday. Penumbra, Inc. has a one year low of $221.26 and a one year high of $362.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 4.29. The business's fifty day moving average price is $334.12 and its 200-day moving average price is $314.50. The stock has a market capitalization of $12.81 billion, a PE ratio of 72.04, a P/E/G ratio of 1.99 and a beta of 0.74.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of $1.12 by ($1.49). Penumbra had a net margin of 12.66% and a return on equity of 11.41%. The firm had revenue of $385.39 million for the quarter, compared to analysts' expectations of $367.18 million. During the same period in the prior year, the company earned $0.97 EPS. The firm's quarterly revenue was up 22.2% on a year-over-year basis. On average, equities research analysts anticipate that Penumbra, Inc. will post 5.08 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Maggie Yuen sold 2,432 shares of the business's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the sale, the chief financial officer directly owned 18,353 shares in the company, valued at approximately $6,282,231.90. The trade was a 11.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 100 shares of the business's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $328.22, for a total value of $32,822.00. Following the sale, the director owned 8,719 shares in the company, valued at approximately $2,861,750.18. The trade was a 1.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PEN. Citigroup downgraded Penumbra from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $350.00 to $374.00 in a report on Thursday, January 15th. Wall Street Zen downgraded Penumbra from a "buy" rating to a "hold" rating in a report on Saturday, January 17th. UBS Group restated a "neutral" rating and set a $374.00 price objective on shares of Penumbra in a report on Thursday, February 26th. BTIG Research downgraded Penumbra from a "buy" rating to a "neutral" rating and set a $349.00 price objective for the company. in a report on Thursday, January 15th. Finally, William Blair downgraded Penumbra from an "outperform" rating to a "market perform" rating in a report on Thursday, January 15th. Three equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $364.60.

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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