PSquared Asset Management AG Makes New $14.05 Million Investment in Penumbra, Inc. $PEN

Key Points

• PSquared Asset Management AG opened a new position in Penumbra during the first quarter, buying 42,785 shares worth about $14.05 million. The stake represented about 4.9% of its portfolio and made Penumbra its 9th-largest holding.
• Penumbra continues to draw heavy institutional interest, with hedge funds and other institutions owning 88.88% of the stock. Several firms boosted their holdings significantly in recent quarters.
• Analysts remain cautious overall: the stock has a consensus rating of “Hold” with an average target price of $360.33, even after Penumbra reported 15.6% year-over-year revenue growth in its latest quarter despite missing EPS expectations.

PSquared Asset Management AG bought a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 42,785 shares of the company's stock, valued at approximately $14,049,000. Penumbra comprises approximately 4.9% of PSquared Asset Management AG's investment portfolio, making the stock its 9th largest holding. PSquared Asset Management AG owned about 0.11% of Penumbra at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Artisan Partners Limited Partnership grew its stake in Penumbra by 165.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after acquiring an additional 370,636 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Penumbra in the fourth quarter valued at about $107,567,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Penumbra by 130.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 400,160 shares of the company's stock valued at $131,401,000 after purchasing an additional 226,314 shares in the last quarter. Bank of Nova Scotia grew its position in shares of Penumbra by 14,837.9% in the first quarter. Bank of Nova Scotia now owns 211,820 shares of the company's stock valued at $69,555,000 after purchasing an additional 210,402 shares during the last quarter. Finally, Man Group plc grew its position in shares of Penumbra by 1,862.2% in the second quarter. Man Group plc now owns 206,461 shares of the company's stock valued at $52,984,000 after purchasing an additional 195,939 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PEN. Royal Bank Of Canada restated a "sector perform" rating and set a $374.00 price objective on shares of Penumbra in a research report on Thursday, June 11th. Evercore restated an "outperform" rating and issued a $320.00 price objective on shares of Penumbra in a research report on Monday, July 6th. Zacks Research lowered Penumbra from a "hold" rating to a "strong sell" rating in a research note on Monday, June 29th. Citigroup cut their target price on shares of Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research note 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, fourteen have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $360.33.

Penumbra Trading Up 0.4%

Shares of PEN opened at $317.83 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.02 and a quick ratio of 3.95. Penumbra, Inc. has a 12 month low of $221.26 and a 12 month high of $362.41. The stock's 50-day moving average is $319.53 and its two-hundred day moving average is $330.00. The stock has a market cap of $12.50 billion, a PE ratio of 73.23, a P/E/G ratio of 1.96 and a beta of 0.70.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.24). The company had revenue of $374.76 million for the quarter, compared to analyst estimates of $370.47 million. Penumbra had a return on equity of 10.87% and a net margin of 11.76%.Penumbra's revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.83 earnings per share. Equities analysts forecast that Penumbra, Inc. will post 5.02 earnings per share for the current fiscal year.

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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