Magnetar Financial LLC Sells 26,473 Shares of Penumbra, Inc. $PEN

Magnetar Financial LLC reduced its stake in shares of Penumbra, Inc. (NYSE:PEN) by 83.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,163 shares of the company’s stock after selling 26,473 shares during the period. Magnetar Financial LLC’s holdings in Penumbra were worth $1,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PEN. Mather Group LLC. acquired a new position in Penumbra in the third quarter valued at $25,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Penumbra during the second quarter worth approximately $30,000. Rothschild Investment LLC acquired a new position in Penumbra during the third quarter worth $40,000. Parkside Financial Bank & Trust raised its holdings in shares of Penumbra by 70.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock worth $41,000 after acquiring an additional 66 shares during the last quarter. Finally, Covestor Ltd raised its stake in shares of Penumbra by 53.0% in the third quarter. Covestor Ltd now owns 179 shares of the company’s stock worth $46,000 after purchasing an additional 62 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PEN. Bank of America raised their price target on shares of Penumbra from $320.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Penumbra in a research report on Monday, December 29th. William Blair cut Penumbra from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 15th. Canaccord Genuity Group downgraded shares of Penumbra from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $359.00 to $374.00 in a report on Tuesday, January 20th. Finally, Leerink Partners cut shares of Penumbra from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Four investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $361.69.

Insider Activity at Penumbra

In other Penumbra news, CFO Maggie Yuen sold 2,432 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the completion of the transaction, the chief financial officer owned 18,353 shares of the company’s stock, valued at $6,282,231.90. This represents a 11.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 186 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 8,230 shares of the company’s stock, valued at approximately $2,573,027.20. This trade represents a 2.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,804 shares of company stock worth $948,419 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Penumbra Trading Down 0.3%

NYSE:PEN opened at $335.05 on Friday. The firm has a market capitalization of $13.15 billion, a P/E ratio of 74.13, a P/E/G ratio of 2.06 and a beta of 0.81. Penumbra, Inc. has a 52 week low of $221.26 and a 52 week high of $362.41. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average of $339.85 and a 200 day moving average of $297.07.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49). The firm had revenue of $385.39 million during 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%. Penumbra’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. On average, research analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current 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.