Penumbra (NYSE:PEN) PT Raised to $234.00 at BTIG Research

Penumbra (NYSE:PEN) had its target price increased by investment analysts at BTIG Research from $224.00 to $234.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target points to a potential upside of 13.22% from the company’s previous close.

A number of other research firms also recently issued reports on PEN. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Wednesday, July 31st. Morgan Stanley cut their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Citigroup upped their target price on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Robert W. Baird cut their target price on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Finally, Canaccord Genuity Group cut their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.17.

Penumbra Stock Down 2.2 %

Shares of NYSE:PEN opened at $206.67 on Monday. Penumbra has a 12 month low of $148.00 and a 12 month high of $277.34. The company’s 50-day moving average price is $194.26 and its two-hundred day moving average price is $194.30. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The firm has a market cap of $8.01 billion, a P/E ratio of 87.20, a P/E/G ratio of 2.25 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter in the prior year, the firm earned $0.43 EPS. The company’s revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Harpreet Grewal sold 782 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total transaction of $159,614.02. Following the completion of the sale, the director now directly owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,368 shares of company stock worth $3,824,718 in the last ninety days. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

A number of large investors have recently bought and sold shares of PEN. Virtu Financial LLC bought a new position in shares of Penumbra during the 4th quarter worth approximately $624,000. Vanguard Group Inc. grew its stake in shares of Penumbra by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock worth $920,159,000 after acquiring an additional 58,184 shares in the last quarter. Mather Group LLC. bought a new position in shares of Penumbra during the 1st quarter worth approximately $29,000. Congress Asset Management Co. MA grew its stake in shares of Penumbra by 375.0% during the 1st quarter. Congress Asset Management Co. MA now owns 26,576 shares of the company’s stock worth $5,931,000 after acquiring an additional 20,981 shares in the last quarter. Finally, Diversified Trust Co grew its stake in shares of Penumbra by 112.1% during the 1st quarter. Diversified Trust Co now owns 6,720 shares of the company’s stock worth $1,500,000 after acquiring an additional 3,552 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

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.