Arcadia Investment Management Corp MI Sells 66 Shares of Penumbra, Inc. (NYSE:PEN)

Arcadia Investment Management Corp MI decreased its position in shares of Penumbra, Inc. (NYSE:PEN) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 940 shares of the company’s stock after selling 66 shares during the period. Arcadia Investment Management Corp MI’s holdings in Penumbra were worth $183,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares during the last quarter. First Hawaiian Bank purchased a new stake in Penumbra in the second quarter valued at about $1,597,000. Jennison Associates LLC boosted its holdings in Penumbra by 192.1% in the first quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock worth $19,448,000 after acquiring an additional 57,310 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Penumbra by 276.9% during the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after acquiring an additional 3,652 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in shares of Penumbra by 24.3% during the first quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock valued at $3,721,000 after acquiring an additional 3,257 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Stock Up 1.9 %

Shares of PEN stock opened at $233.30 on Friday. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34. The stock has a market cap of $8.95 billion, a P/E ratio of 271.28, a P/E/G ratio of 2.62 and a beta of 0.51. The stock has a 50 day moving average of $200.81 and a 200 day moving average of $193.84. The company has a current ratio of 5.82, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 EPS. As a group, sell-side analysts expect that Penumbra, Inc. will post 2.58 EPS for the current year.

Penumbra declared that its Board of Directors has authorized a share buyback plan on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the completion of the transaction, the chief executive officer now owns 867,582 shares in the company, valued at $177,472,573.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the transaction, the chief executive officer now owns 867,582 shares in the company, valued at $177,472,573.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the completion of the sale, the director now directly owns 8,863 shares in the company, valued at $1,809,026.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,368 shares of company stock valued at $6,893,118 in the last ninety days. 5.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on PEN shares. Stifel Nicolaus assumed coverage on shares of Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Royal Bank of Canada lifted their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Canaccord Genuity Group boosted their price objective on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Truist Financial lifted their price target on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, BTIG Research increased their price objective on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.67.

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.