Commerce Bank Makes New Investment in Penumbra, Inc. $PEN

Commerce Bank purchased a new position in shares of Penumbra, Inc. (NYSE:PEN) during the second quarter, Holdings Channel reports. The institutional investor purchased 3,707 shares of the company’s stock, valued at approximately $1,170,000.

Several other institutional investors have also recently made changes to their positions in PEN. Royal Bank of Canada grew its holdings in Penumbra by 35.8% during the 1st quarter. Royal Bank of Canada now owns 19,332 shares of the company’s stock worth $5,169,000 after acquiring an additional 5,092 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Penumbra by 209.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company’s stock valued at $70,000 after purchasing an additional 184 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Penumbra by 22.3% in the 2nd quarter. Cerity Partners LLC now owns 10,030 shares of the company’s stock worth $2,574,000 after purchasing an additional 1,829 shares during the period. California Public Employees Retirement System lifted its position in shares of Penumbra by 7.9% in the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company’s stock worth $15,661,000 after purchasing an additional 4,491 shares during the period. Finally, Daiwa Securities Group Inc. bought a new position in shares of Penumbra during the second quarter valued at approximately $1,137,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PEN. Wall Street Zen raised shares of Penumbra to a “hold” rating in a research note on Saturday, May 9th. Citigroup reduced their price target on Penumbra from $374.00 to $350.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Evercore restated an “outperform” rating and set a $320.00 price objective on shares of Penumbra in a research note 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. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $374.00 target price on shares of Penumbra in a report on Thursday, June 11th. Three research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $367.07.

Penumbra Trading Up 0.3%

Shares of NYSE:PEN opened at $324.61 on Wednesday. The business’s 50-day moving average is $320.38 and its 200 day moving average is $327.16. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41. The firm has a market capitalization of $12.79 billion, a P/E ratio of 79.76, a P/E/G ratio of 2.01 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.75 and a quick ratio of 3.86.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.28). The business had revenue of $390.05 million during the quarter, compared to analyst estimates of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.Penumbra’s revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 EPS. On average, research analysts predict 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.