Penumbra (NYSE:PEN) Price Target Cut to $176.00

Penumbra (NYSE:PEN) had its target price decreased by Canaccord Genuity Group from $272.00 to $176.00 in a report published on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities analysts have also weighed in on the company. Truist Financial reduced their price objective on Penumbra from $280.00 to $230.00 and set a buy rating on the stock in a research note on Tuesday, July 16th. Piper Sandler dropped their target price on Penumbra from $260.00 to $200.00 and set an overweight rating on the stock in a report on Wednesday. BTIG Research dropped their target price on Penumbra from $265.00 to $232.00 and set a buy rating on the stock in a report on Monday, July 15th. Morgan Stanley dropped their target price on Penumbra from $235.00 to $210.00 and set an equal weight rating on the stock in a report on Monday, July 15th. Finally, Wells Fargo & Company downgraded Penumbra from an overweight rating to an equal weight rating and dropped their target price for the company from $289.00 to $150.00 in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $193.60.

Penumbra Stock Performance

NYSE PEN opened at $175.51 on Wednesday. The firm has a market capitalization of $6.82 billion, a P/E ratio of 74.06, a P/E/G ratio of 1.85 and a beta of 0.55. Penumbra has a 1-year low of $148.00 and a 1-year high of $302.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.51. The business’s 50-day simple moving average is $184.21 and its 200-day simple moving average is $214.27.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share 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 analyst estimates of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 EPS. Equities analysts predict that Penumbra will post 2.74 EPS for the current year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the sale, the chief executive officer now directly owns 942,582 shares in the company, valued at approximately $189,440,130.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $207.41, for a total value of $124,446.00. Following the completion of the sale, the executive vice president now directly owns 63,488 shares in the company, valued at approximately $13,168,046.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.98, for a total value of $3,014,700.00. Following the completion of the sale, the chief executive officer now owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The disclosure for this sale can be found here. Insiders have sold 31,970 shares of company stock worth $6,428,404 in the last three months. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. boosted its position in Penumbra by 171.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after purchasing an additional 67 shares during the period. Mather Group LLC. acquired a new position in Penumbra during the 1st quarter valued at approximately $29,000. Signaturefd LLC boosted its position in Penumbra by 27.2% during the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after purchasing an additional 46 shares during the period. Quest Partners LLC acquired a new position in Penumbra during the 4th quarter valued at approximately $71,000. Finally, WASHINGTON TRUST Co acquired a new position in Penumbra during the 2nd quarter valued at approximately $54,000. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.