Piper Sandler Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price target raised by Piper Sandler from $235.00 to $250.00 in a research report sent to investors on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PEN has been the subject of a number of other reports. Royal Bank of Canada raised their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Leerink Partners initiated coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price on the stock. Robert W. Baird lifted their price target on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Truist Financial lifted their price target on shares of Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Trading Up 1.8 %

Shares of PEN opened at $244.84 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm has a 50 day simple moving average of $211.55 and a 200-day simple moving average of $197.16. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of 284.70, a price-to-earnings-growth ratio of 2.44 and a beta of 0.51.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same period last year, the company posted $0.67 EPS. The company’s revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Penumbra will post 2.79 EPS for the current fiscal year.

Penumbra declared that its board has authorized a stock buyback plan on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Penumbra

In related news, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. The trade was a 1.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Monday, November 18th. The stock was sold at an average price of $239.74, for a total transaction of $143,844.00. Following the sale, the executive vice president now directly owns 64,044 shares in the company, valued at $15,353,908.56. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,748 shares of company stock worth $10,166,574. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PEN. Janus Henderson Group PLC increased its stake in Penumbra by 128.1% during the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock worth $129,967,000 after buying an additional 375,684 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after purchasing an additional 358,932 shares during the last quarter. Champlain Investment Partners LLC increased its position in shares of Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after purchasing an additional 264,122 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Penumbra in the 3rd quarter worth about $31,965,000. Finally, Braidwell LP increased its position in shares of Penumbra by 70.0% in the 3rd quarter. Braidwell LP now owns 361,428 shares of the company’s stock worth $70,229,000 after purchasing an additional 148,834 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

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.