LPL Financial LLC Acquires 15,922 Shares of Penumbra, Inc. (NYSE:PEN)

Key Points

• LPL Financial LLC increased its holdings in Penumbra, Inc. by 167.8% during the first quarter, owning about $6.79 million worth of shares.
• Insider transactions included the sale of 600 shares by EVP Johanna Roberts and 16,030 shares by CEO Adam Elsesser, indicating a decrease in their ownership.
• The stock has a current market capitalization of $9.35 billion and registered a P/E ratio of 63.77, with revenue growth of 13.4% year-over-year for the most recent quarter.

LPL Financial LLC raised its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 167.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,408 shares of the company's stock after acquiring an additional 15,922 shares during the period. LPL Financial LLC owned approximately 0.07% of Penumbra worth $6,794,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Baker Avenue Asset Management LP increased its holdings in shares of Penumbra by 1.6% during the fourth quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company's stock worth $791,000 after buying an additional 53 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Penumbra by 16.4% during the first quarter. Fifth Third Bancorp now owns 404 shares of the company's stock worth $108,000 after buying an additional 57 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Penumbra by 404.8% during the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after buying an additional 85 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Penumbra by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 16,213 shares of the company's stock worth $3,850,000 after buying an additional 100 shares in the last quarter. Finally, Synergy Investment Management LLC acquired a new position in shares of Penumbra during the first quarter worth $27,000. Institutional investors own 88.88% of the company's stock.

Penumbra Stock Down 0.3%

Shares of PEN stock traded down $0.66 on Friday, reaching $252.56. 96,426 shares of the company were exchanged, compared to its average volume of 496,353. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 67.17, a PEG ratio of 2.31 and a beta of 0.40. The company has a 50-day moving average of $246.16 and a 200-day moving average of $265.74. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04. Penumbra, Inc. has a one year low of $184.80 and a one year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The company had revenue of $339.46 million for the quarter, compared to analysts' expectations of $327.37 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The business's revenue was up 13.4% on a year-over-year basis. Analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Analysts Set New Price Targets

PEN has been the topic of several analyst reports. Citigroup reduced their price objective on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. William Blair raised shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Wall Street Zen cut shares of Penumbra from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Royal Bank Of Canada reduced their price objective on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Finally, Morgan Stanley boosted their price objective on shares of Penumbra from $260.00 to $266.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $300.47.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $238.94, for a total value of $143,364.00. Following the sale, the executive vice president owned 65,457 shares in the company, valued at $15,640,295.58. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas Wilder sold 372 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total transaction of $89,339.52. Following the completion of the sale, the director owned 372 shares in the company, valued at $89,339.52. This represents a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 98,487 shares of company stock worth $24,461,787 in the last quarter. Insiders own 4.20% of the company's stock.

Penumbra Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.