Piper Sandler Reiterates Overweight Rating for Penumbra (NYSE:PEN)

Penumbra (NYSE:PEN)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a research note issued on Friday, Benzinga reports. They currently have a $225.00 price target on the stock, up from their prior price target of $200.00. Piper Sandler’s price target suggests a potential upside of 7.84% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Morgan Stanley cut their price target on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Wednesday, July 31st. BTIG Research increased their price target on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Citigroup raised their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Five 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.com, Penumbra has an average rating of “Moderate Buy” and an average target price of $220.17.

Penumbra Stock Performance

Penumbra stock opened at $208.65 on Friday. The business has a 50 day moving average of $196.52 and a 200-day moving average of $194.26. Penumbra has a 1 year low of $148.00 and a 1 year 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. The company has a market capitalization of $8.09 billion, a P/E ratio of 88.04, a P/E/G ratio of 2.41 and a beta of 0.54.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. The business had revenue of $299.40 million for 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%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 earnings per share. On average, equities research analysts predict that Penumbra will post 2.59 earnings per share for the current year.

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

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares in the company, valued at $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Adam Elsesser sold 1,620 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at $185,192,400. This represents a 0.00 % decrease in their ownership of the stock. 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 the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the sale, the director now directly owns 8,697 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 19,368 shares of company stock worth $3,824,718. 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. Allspring Global Investments Holdings LLC grew its stake in shares of Penumbra by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock worth $41,604,000 after acquiring an additional 3,973 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock valued at $92,000 after buying an additional 453 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Penumbra during the third quarter valued at $1,092,000. Creative Planning boosted its position in shares of Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after buying an additional 71 shares during the last quarter. Finally, CWM LLC lifted its holdings in Penumbra by 29.7% in the third quarter. CWM LLC now owns 2,011 shares of the company’s stock valued at $391,000 after acquiring an additional 461 shares during the period. 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.