Penumbra (NYSE:PEN) Price Target Raised to $323.00 at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its target price lifted by Canaccord Genuity Group from $260.00 to $323.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued research reports about the company. Leerink Partners began coverage on Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Stifel Nicolaus began coverage on Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target for the company. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Robert W. Baird lifted their target price on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $238.25.

Penumbra Price Performance

Shares of PEN stock opened at $240.86 on Monday. The business’s fifty day moving average is $222.95 and its 200 day moving average is $200.29. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The stock has a market cap of $9.24 billion, a price-to-earnings ratio of 280.07, a PEG ratio of 2.39 and a beta of 0.51. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The company had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Penumbra’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $0.67 EPS. Research analysts expect that Penumbra will post 2.81 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the completion of the sale, the executive vice president now owns 63,444 shares in the company, valued at approximately $15,511,423.56. This represents a 0.94 % 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. Also, Director Harpreet Grewal sold 166 shares of the 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 completion of the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,418 shares of company stock valued at $10,624,973 in the last ninety days. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Penumbra

Several large investors have recently added to or reduced their stakes in the business. True Wealth Design LLC purchased a new position in shares of Penumbra during the 3rd quarter worth $26,000. GAMMA Investing LLC raised its holdings 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 during the period. Park Place Capital Corp lifted its position in Penumbra by 1,473.9% during the third 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. Northwestern Mutual Wealth Management Co. grew its holdings in Penumbra by 1,845.0% during the second 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. Finally, Advisors Asset Management Inc. increased its position in Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after buying an additional 43 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Penumbra Company Profile

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.