Truist Financial Increases Penumbra (NYSE:PEN) Price Target to $325.00

Penumbra (NYSE:PEN) had its price target hoisted by equities research analysts at Truist Financial from $285.00 to $325.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 7.33% from the company’s previous close.

PEN has been the subject of several other research reports. Robert W. Baird upped their target price on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research note on Wednesday. Royal Bank of Canada boosted their price target on shares of Penumbra from $285.00 to $313.00 and gave the stock an “outperform” rating in a report on Wednesday. UBS Group boosted their price target on shares of Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Piper Sandler reissued an “overweight” rating and issued a $330.00 price target (up from $250.00) on shares of Penumbra in a report on Wednesday. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Performance

NYSE PEN opened at $302.82 on Wednesday. Penumbra has a 1 year low of $148.00 and a 1 year high of $310.00. 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 market cap of $11.62 billion, a price-to-earnings ratio of 890.64, a PEG ratio of 1.99 and a beta of 0.53. The company has a fifty day moving average price of $257.15 and a 200-day moving average price of $226.51.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.73%. The firm had revenue of $315.52 million during the quarter, compared to analyst estimates of $311.63 million. As a group, equities research analysts predict that Penumbra will post 3.86 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $242.96, for a total value of $3,644,400.00. Following the sale, the chief executive officer now directly owns 837,582 shares of the company’s stock, valued at approximately $203,498,922.72. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 167 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the sale, the director now directly owns 8,530 shares in the company, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock valued at $4,426,439 over the last three months. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

Institutional investors and hedge funds have recently modified their holdings of the company. True Wealth Design LLC purchased a new stake in shares of Penumbra in the third quarter worth about $26,000. UMB Bank n.a. lifted its holdings in shares of Penumbra by 57.4% in the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares in the last quarter. Hurley Capital LLC purchased a new stake in shares of Penumbra in the fourth quarter worth about $56,000. Huntington National Bank lifted its holdings in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares in the last quarter. Finally, Mather Group LLC. increased its position in shares of Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after purchasing an additional 208 shares during the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

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.