Seven Eight Capital LP Invests $680,000 in Penumbra, Inc. (NYSE:PEN)

Seven Eight Capital LP purchased a new position in Penumbra, Inc. (NYSE:PEN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,046 shares of the company’s stock, valued at approximately $680,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp boosted its stake in shares of Penumbra by 13.9% in the 4th quarter. Fifth Third Bancorp now owns 378 shares of the company’s stock worth $95,000 after buying an additional 46 shares during the last quarter. Signaturefd LLC lifted its position in Penumbra by 27.2% during the fourth quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after purchasing an additional 46 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Penumbra by 171.8% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after purchasing an additional 67 shares in the last quarter. Financial Counselors Inc. lifted its position in Penumbra by 11.4% during the fourth quarter. Financial Counselors Inc. now owns 925 shares of the company’s stock valued at $233,000 after purchasing an additional 95 shares in the last quarter. Finally, M&T Bank Corp lifted its position in Penumbra by 9.4% during the fourth quarter. M&T Bank Corp now owns 1,380 shares of the company’s stock valued at $347,000 after purchasing an additional 118 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PEN. Truist Financial lowered their target price on Penumbra from $280.00 to $230.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Morgan Stanley lowered their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. BTIG Research lowered their target price on Penumbra from $265.00 to $232.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Piper Sandler lowered their price objective on Penumbra from $290.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. Finally, Citigroup lowered their price objective on Penumbra from $300.00 to $265.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $260.56.

Insider Transactions at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $207.41, for a total transaction of $124,446.00. Following the sale, the executive vice president now directly owns 63,488 shares of the company’s stock, valued at $13,168,046.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the sale, the chief executive officer now directly owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $207.41, for a total value of $124,446.00. Following the sale, the executive vice president now directly owns 63,488 shares in the company, valued at $13,168,046.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,970 shares of company stock valued at $6,428,404. 5.00% of the stock is currently owned by insiders.

Penumbra Price Performance

Shares of PEN stock traded down $3.95 during trading hours on Tuesday, hitting $188.30. The stock had a trading volume of 371,916 shares, compared to its average volume of 345,185. Penumbra, Inc. has a one year low of $170.59 and a one year high of $310.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.12 and a quick ratio of 3.51. The stock’s 50-day moving average price is $187.98 and its two-hundred day moving average price is $218.58. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 80.61, a PEG ratio of 1.91 and a beta of 0.55.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.01). Penumbra had a return on equity of 7.83% and a net margin of 8.52%. The firm had revenue of $278.70 million during the quarter, compared to the consensus estimate of $274.94 million. During the same period last year, the firm posted $0.23 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts forecast that Penumbra, Inc. will post 2.88 EPS for the current year.

Penumbra Company 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.