Penumbra (NYSE:PEN) Given New $235.00 Price Target at Truist Financial

Penumbra (NYSE:PEN) had its target price raised by Truist Financial from $200.00 to $235.00 in a report released on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on PEN. Canaccord Genuity Group decreased their price target on Penumbra from $272.00 to $176.00 and set a buy rating on the stock in a research note on Wednesday, July 31st. BTIG Research lifted their price target on Penumbra from $187.00 to $224.00 and gave the company a buy rating in a research note on Wednesday, August 28th. Citigroup boosted their price objective on Penumbra from $178.00 to $200.00 and gave the stock a neutral rating in a research report on Thursday, August 22nd. Robert W. Baird reduced their price objective on Penumbra from $231.00 to $180.00 and set an outperform rating on the stock in a research report on Wednesday, July 31st. Finally, Piper Sandler reduced their price target on Penumbra from $260.00 to $200.00 and set an overweight rating on the stock in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Penumbra has a consensus rating of Moderate Buy and a consensus price target of $213.17.

Penumbra Price Performance

Shares of NYSE PEN opened at $211.52 on Monday. The stock has a market capitalization of $8.20 billion, a PE ratio of 89.25, a P/E/G ratio of 2.25 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The business has a fifty day moving average price of $193.55 and a two-hundred day moving average price of $194.42. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34.

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, beating the consensus estimate of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter last year, the company posted $0.43 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts predict that Penumbra will post 2.59 earnings per share for the current fiscal year.

Penumbra declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 13th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the transaction, the executive vice president now directly owns 61,088 shares in the company, valued at approximately $12,597,567.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,368 shares of company stock valued at $6,862,518 in the last ninety days. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its holdings in Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after purchasing an additional 71 shares in the last quarter. CWM LLC increased its holdings in Penumbra by 29.7% during the 3rd quarter. CWM LLC now owns 2,011 shares of the company’s stock worth $391,000 after purchasing an additional 461 shares in the last quarter. Park Place Capital Corp increased its holdings in Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares in the last quarter. Diversified Trust Co increased its holdings in Penumbra by 22.8% during the 3rd quarter. Diversified Trust Co now owns 9,971 shares of the company’s stock worth $1,937,000 after purchasing an additional 1,852 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Penumbra by 111.1% during 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. 88.88% of the stock is owned by institutional investors and hedge funds.

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.