Penumbra, Inc. (NYSE:PEN) Receives $208.00 Average Target Price from Brokerages

Shares of Penumbra, Inc. (NYSE:PEN) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $208.00.

PEN has been the topic of several research reports. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Morgan Stanley decreased 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 note on Monday, July 15th. Leerink Partners initiated coverage on shares of Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target for the company. Canaccord Genuity Group cut their price objective on Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Finally, Stifel Nicolaus initiated coverage on Penumbra in a report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company.

Insider Buying and Selling

In other news, Director Harpreet Grewal sold 782 shares of the firm’s 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 completion of the sale, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was 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 approximately $10,855,854.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value 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. The disclosure for this sale can be found here. Insiders sold 19,372 shares of company stock valued at $3,888,852 over the last 90 days. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Institutional investors have recently modified their holdings of the company. Silvercrest Asset Management Group LLC increased its stake in Penumbra by 3.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after purchasing an additional 55 shares in the last quarter. ProShare Advisors LLC increased its holdings in Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after purchasing an additional 62 shares in the last quarter. Arcadia Investment Management Corp MI raised its stake in shares of Penumbra by 7.9% in the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after purchasing an additional 74 shares during the last quarter. Retirement Systems of Alabama lifted its holdings in shares of Penumbra by 0.3% in the first quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock valued at $10,817,000 after purchasing an additional 127 shares in the last quarter. Finally, Mather Group LLC. purchased a new position in shares of Penumbra during the first quarter valued at approximately $29,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Stock Down 2.9 %

NYSE PEN opened at $195.00 on Thursday. The business has a fifty day moving average price of $190.38 and a two-hundred day moving average price of $199.00. The stock has a market capitalization of $7.56 billion, a PE ratio of 82.28, a PEG ratio of 2.10 and a beta of 0.54. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. Penumbra’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 EPS. Equities analysts expect that Penumbra will post 2.63 earnings per share for the current fiscal year.

Penumbra announced that its board has authorized a stock buyback program on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is 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.