Penumbra (NYSE:PEN) Trading Up 4.4% After Analyst Upgrade

Penumbra, Inc. (NYSE:PEN)’s share price was up 4.4% during mid-day trading on Monday after BTIG Research raised their price target on the stock from $224.00 to $234.00. BTIG Research currently has a buy rating on the stock. Penumbra traded as high as $212.33 and last traded at $212.16. Approximately 54,222 shares changed hands during trading, a decline of 86% from the average daily volume of 379,806 shares. The stock had previously closed at $203.19.

PEN has been the topic of several other reports. Leerink Partners started coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target on the stock. Piper Sandler decreased their target price on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Robert W. Baird decreased 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, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $213.17.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the sale, the director now owns 8,863 shares in the company, valued at $1,809,026.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the sale, the executive vice president now owns 61,688 shares in the company, valued at $10,855,854.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,368 shares of company stock valued at $3,824,718 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares during the period. First Hawaiian Bank bought a new stake in shares of Penumbra in the second quarter worth $1,597,000. Jennison Associates LLC increased its stake in shares of Penumbra by 192.1% in the first quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock worth $19,448,000 after buying an additional 57,310 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Penumbra by 276.9% in the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after buying an additional 3,652 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in shares of Penumbra by 24.3% in the first quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock worth $3,721,000 after buying an additional 3,257 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Trading Down 2.2 %

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 business’s 50 day moving average is $194.26 and its 200-day moving average is $194.30. The firm has a market cap of $8.01 billion, a P/E ratio of 87.20, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54.

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

Penumbra announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

About Penumbra

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.