Cinctive Capital Management LP Takes Position in Penumbra, Inc. $PEN

Cinctive Capital Management LP purchased a new stake in Penumbra, Inc. (NYSE:PEN) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,215 shares of the company’s stock, valued at approximately $1,574,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Penumbra by 5.0% during the second quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company’s stock worth $990,760,000 after acquiring an additional 185,306 shares during the period. Geode Capital Management LLC lifted its holdings in Penumbra by 2.6% during the second quarter. Geode Capital Management LLC now owns 706,404 shares of the company’s stock valued at $181,314,000 after purchasing an additional 17,772 shares in the last quarter. Invesco Ltd. grew its position in shares of Penumbra by 1,139.3% in the second quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock valued at $162,571,000 after purchasing an additional 582,369 shares during the period. Norges Bank acquired a new stake in shares of Penumbra in the second quarter valued at about $114,014,000. Finally, Thrivent Financial for Lutherans increased its stake 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 worth $92,984,000 after purchasing an additional 44,185 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Activity

In related news, Director Thomas Wilder sold 186 shares of Penumbra stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $310.72, for a total transaction of $57,793.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Harpreet Grewal sold 186 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $312.64, for a total value of $58,151.04. Following the transaction, the director directly owned 8,230 shares in the company, valued at $2,573,027.20. This trade represents a 2.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,804 shares of company stock worth $948,419 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Penumbra Stock Performance

NYSE:PEN opened at $336.06 on Tuesday. The company has a market cap of $13.19 billion, a P/E ratio of 74.35, a P/E/G ratio of 2.06 and a beta of 0.81. Penumbra, Inc. has a twelve month low of $221.26 and a twelve month high of $362.41. The company’s 50-day moving average price is $340.81 and its 200-day moving average price is $298.45. The company has a current ratio of 6.64, a quick ratio of 4.29 and a debt-to-equity ratio of 0.01.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($1.49). The business had revenue of $385.39 million for the quarter, compared to analysts’ expectations of $367.18 million. Penumbra had a net margin of 12.66% and a return on equity of 11.41%. The firm’s revenue was up 22.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 EPS. On average, sell-side analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Penumbra from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Robert W. Baird reiterated a “neutral” rating and issued a $374.00 price objective (up from $345.00) on shares of Penumbra in a report on Friday, January 16th. UBS Group reiterated a “neutral” rating and set a $374.00 price objective on shares of Penumbra in a research note on Thursday, February 26th. Needham & Company LLC cut Penumbra from a “buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Canaccord Genuity Group downgraded Penumbra from a “buy” rating to a “hold” rating and raised their target price for the company from $359.00 to $374.00 in a research report on Tuesday, January 20th. Four investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $361.69.

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.