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

Greenland Capital Management LP acquired a new position in shares of Penumbra, Inc. (NYSE:PEN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 19,750 shares of the company’s stock, valued at approximately $6,236,000. Penumbra accounts for 0.8% of Greenland Capital Management LP’s holdings, making the stock its 28th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Penumbra in the second quarter valued at about $25,000. Larson Financial Group LLC raised its position in shares of Penumbra by 4,100.0% during the fourth quarter. Larson Financial Group LLC now owns 84 shares of the company’s stock worth $26,000 after purchasing an additional 82 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Penumbra by 2,700.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Motiv8 Investments LLC bought a new position in shares of Penumbra during the 4th quarter valued at about $27,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of Penumbra in the 2nd quarter valued at approximately $31,000. 88.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PEN. Citigroup cut their price target on shares of Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Penumbra to a “hold” rating in a report on Saturday, May 9th. Evercore reaffirmed an “outperform” rating and issued a $320.00 price objective on shares of Penumbra in a research report on Monday, July 6th. Zacks Research lowered shares of 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 set 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 assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $367.07.

Penumbra Price Performance

Shares of PEN opened at $325.14 on Friday. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. The company’s fifty day simple moving average is $320.14 and its 200 day simple moving average is $327.71. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company has a market cap of $12.81 billion, a price-to-earnings ratio of 79.89, a PEG ratio of 2.02 and a beta of 0.70.

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