Penumbra, Inc. (NYSE:PEN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Penumbra, Inc. (NYSE:PEN) has been assigned a consensus rating of “Moderate Buy” from the fourteen research firms that are presently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $209.42.

A number of brokerages recently commented on PEN. Truist Financial reissued a “buy” rating and issued a $200.00 price objective (down previously from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Canaccord Genuity Group reduced their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Finally, Morgan Stanley reduced their price objective on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th.

Insider Buying and Selling at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the sale, the executive vice president now 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adam Elsesser sold 1,620 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were 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 in the company, valued at $185,192,400. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,368 shares of company stock worth $6,862,518. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PEN. Mather Group LLC. acquired a new stake in Penumbra during the first quarter worth about $29,000. GAMMA Investing LLC boosted its position in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co acquired a new stake in shares of Penumbra during the 2nd quarter worth approximately $54,000. Park Place Capital Corp increased its holdings in shares of Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after purchasing an additional 339 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after purchasing an additional 369 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Trading Up 5.5 %

Shares of NYSE PEN opened at $203.19 on Monday. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34. The firm has a market cap of $7.88 billion, a PE ratio of 85.73, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54. The business has a fifty day simple moving average of $192.87 and a two-hundred day simple moving average of $194.50. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share 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 analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 earnings per share. Analysts expect that Penumbra will post 2.59 earnings per share for the current fiscal year.

Penumbra announced that its Board of Directors has approved a share buyback program on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board 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.