Penumbra (NYSE:PEN) PT Raised to $235.00

Penumbra (NYSE:PEN) had its price target lifted by equities research analysts at Canaccord Genuity Group from $176.00 to $235.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 16.19% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Robert W. Baird decreased their target price on Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $289.00 to $150.00 in a research report on Wednesday, July 31st. Morgan Stanley reduced their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Piper Sandler cut their price objective on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Five investment 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $218.08.

Penumbra Stock Performance

PEN opened at $202.26 on Wednesday. The business’s 50-day simple moving average is $195.75 and its 200 day simple moving average is $194.44. Penumbra has a 52-week low of $148.00 and a 52-week high of $277.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. The firm has a market capitalization of $7.84 billion, a PE ratio of 85.34, a PEG ratio of 2.25 and a beta of 0.54.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. During the same quarter last year, the firm posted $0.43 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that Penumbra will post 2.59 earnings per share for the current fiscal year.

Penumbra announced that its board has authorized a stock 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 typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the transaction, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the transaction, the executive vice president now owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,368 shares of company stock worth $3,824,718 over the last 90 days. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently added to or reduced their stakes in PEN. Vanguard Group Inc. grew its stake in shares of Penumbra by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock worth $920,159,000 after purchasing an additional 58,184 shares during the last quarter. Mather Group LLC. bought a new position in shares of Penumbra in the first quarter valued at approximately $29,000. Congress Asset Management Co. MA raised its position in Penumbra by 375.0% in the 1st quarter. Congress Asset Management Co. MA now owns 26,576 shares of the company’s stock valued at $5,931,000 after buying an additional 20,981 shares during the last quarter. Diversified Trust Co lifted its stake in Penumbra by 112.1% during the 1st quarter. Diversified Trust Co now owns 6,720 shares of the company’s stock valued at $1,500,000 after acquiring an additional 3,552 shares in the last quarter. Finally, State of Michigan Retirement System boosted its holdings in Penumbra by 3.3% during the 1st quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock worth $2,123,000 after acquiring an additional 300 shares during the last quarter. 88.88% of the stock is currently 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.