Penumbra (NYSE:PEN) Price Target Raised to $245.00 at Citigroup

Penumbra (NYSE:PEN) had its price objective lifted by research analysts at Citigroup from $220.00 to $245.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential downside of 4.74% from the company’s previous close.

PEN has been the topic of a number of other research reports. Leerink Partners started coverage on Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price on the stock. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada lifted their price objective on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Stifel Nicolaus started coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Finally, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $252.42.

Penumbra Price Performance

PEN traded up $14.93 during trading on Wednesday, reaching $257.20. The stock had a trading volume of 277,534 shares, compared to its average volume of 374,354. Penumbra has a one year low of $148.00 and a one year high of $277.34. The stock has a market cap of $9.87 billion, a PE ratio of 299.07, a PEG ratio of 2.39 and a beta of 0.51. The business has a 50-day moving average of $222.95 and a 200-day moving average of $200.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82.

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

Penumbra announced that its board has authorized a share repurchase program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lambert Shiu sold 1,798 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $242.56, for a total transaction of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares of the company’s stock, valued at $5,016,625.92. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,418 shares of company stock valued at $10,624,973. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several large investors have recently bought and sold shares of PEN. True Wealth Design LLC purchased a new stake in shares of Penumbra during the third quarter worth approximately $26,000. GAMMA Investing LLC boosted its stake in Penumbra by 111.1% during 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 last quarter. Park Place Capital Corp grew its holdings in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after buying an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other 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.