Penumbra (NYSE:PEN) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Penumbra (NYSE:PEN) in a research report sent to investors on Friday, Benzinga reports. They currently have a $225.00 price target on the stock, up from their previous price target of $200.00.

A number of other brokerages have also recently issued reports on PEN. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada lifted their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. BTIG Research raised their target price on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Citigroup lifted their price objective on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $220.17.

Penumbra Trading Up 3.2 %

PEN opened at $208.65 on Friday. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average price of $196.52 and a two-hundred day moving average price of $194.38. The company has a market cap of $8.10 billion, a P/E ratio of 613.68, a price-to-earnings-growth ratio of 2.41 and a beta of 0.54. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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 quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 earnings per share. Analysts predict that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra declared that its board has approved a share repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Penumbra

In other news, CEO Adam Elsesser sold 1,620 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total value of $324,000.00. Following the transaction, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. 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 valued at $3,824,718. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC raised its position in Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after purchasing an additional 55 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after buying an additional 62 shares in the last quarter. Creative Planning lifted its position in Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after buying an additional 71 shares during the last quarter. Arcadia Investment Management Corp MI boosted its stake in Penumbra by 7.9% in the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after buying an additional 74 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares during the last quarter. Hedge funds and other institutional investors 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.