Cannon Global Investment Management LLC Makes New Investment in Penumbra, Inc. $PEN

Cannon Global Investment Management LLC bought a new stake in shares of Penumbra, Inc. (NYSE:PEN) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,600 shares of the company’s stock, valued at approximately $525,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its stake in shares of Penumbra by 4,100.0% in the 4th quarter. Larson Financial Group LLC now owns 84 shares of the company’s stock valued at $26,000 after purchasing an additional 82 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Penumbra by 2,700.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company’s stock worth $26,000 after buying an additional 81 shares during the last quarter. Motiv8 Investments LLC bought a new stake in Penumbra in the fourth quarter worth $27,000. Morse Asset Management Inc purchased a new position in Penumbra during the fourth quarter worth $39,000. Finally, Farther Finance Advisors LLC boosted its stake in Penumbra by 27.1% during the fourth quarter. Farther Finance Advisors LLC now owns 178 shares of the company’s stock worth $55,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Trading Down 0.1%

Shares of PEN opened at $316.94 on Friday. The firm has a market capitalization of $12.47 billion, a price-to-earnings ratio of 73.03, a PEG ratio of 1.96 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.02 and a quick ratio of 3.95. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company has a 50-day moving average of $323.00 and a 200 day moving average of $328.94.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.24). Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The company had revenue of $374.76 million for the quarter, compared to the consensus estimate of $370.47 million. During the same period in the prior year, the firm posted $0.83 EPS. The business’s revenue was up 15.6% on a year-over-year basis. On average, research analysts expect that Penumbra, Inc. will post 5.04 EPS for the current year.

Insiders Place Their Bets

In other Penumbra news, Director Harpreet Grewal sold 100 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the completion of the sale, the director directly owned 8,719 shares in the company, valued at approximately $2,861,750.18. This represents a 1.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PEN. Evercore reissued an “outperform” rating and issued a $335.00 target price on shares of Penumbra in a research note on Thursday, May 7th. Wall Street Zen raised shares of Penumbra to a “hold” rating in a research note on Saturday, May 9th. Citigroup reduced their price objective on shares of Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $374.00 price objective on shares of Penumbra in a research note on Thursday, June 11th. Three investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $361.33.

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.