Piper Sandler Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price objective hoisted by Piper Sandler from $235.00 to $250.00 in a research note released on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Truist Financial lifted their price target on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Canaccord Genuity Group lifted their price target on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, BTIG Research lifted their price objective on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $227.92.

Penumbra Trading Up 0.9 %

Shares of Penumbra stock opened at $239.20 on Wednesday. The firm’s 50-day moving average price is $208.85 and its two-hundred day moving average price is $196.42. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of 278.14, a PEG ratio of 2.40 and a beta of 0.51. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same period last year, the company earned $0.67 EPS. Penumbra’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts forecast that Penumbra will post 2.79 earnings per share for the current fiscal year.

Penumbra declared that its board has initiated a stock buyback plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $204.56, for a total value of $3,068,400.00. Following the sale, the chief executive officer now owns 867,582 shares of the company’s stock, valued at $177,472,573.92. This represents a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on 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 directly owns 61,088 shares in the company, valued at $12,597,567.36. This trade represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,748 shares of company stock worth $6,607,374. 5.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. increased its stake in Penumbra by 11.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after buying an additional 43 shares during the period. Silvercrest Asset Management Group LLC boosted its holdings in Penumbra by 3.4% in the 1st 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 during the period. ProShare Advisors LLC raised its stake in shares of Penumbra by 2.9% in 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. Legacy Wealth Asset Management LLC grew its position in Penumbra by 3.9% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after acquiring an additional 65 shares during the period. Finally, Creative Planning boosted its holdings in shares of Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after acquiring an additional 71 shares in 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.