Penumbra (NYSE:PEN) Trading 6.2% Higher After Analyst Upgrade

Shares of Penumbra, Inc. (NYSE:PEN) traded up 6.2% on Wednesday after Citigroup raised their price target on the stock from $220.00 to $245.00. Citigroup currently has a neutral rating on the stock. Penumbra traded as high as $257.95 and last traded at $257.20. 19,574 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 373,301 shares. The stock had previously closed at $242.27.

Other research analysts have also issued research reports about the company. Piper Sandler increased their price objective on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Leerink Partners initiated coverage on Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target on the stock. Robert W. Baird lifted their price target on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. BTIG Research upped their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $252.42.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total value of $114,456.00. Following the completion of the transaction, the executive vice president now owns 60,488 shares of the company’s stock, valued at $11,538,690.88. This represents a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lambert Shiu sold 654 shares of Penumbra stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $243.01, for a total value of $158,928.54. Following the sale, the chief accounting officer now directly owns 20,028 shares in the company, valued at $4,867,004.28. The trade was a 3.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,418 shares of company stock valued at $10,624,973 over the last three months. 5.00% of the stock is owned by corporate insiders.

Institutional Trading of Penumbra

Several institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock worth $1,145,729,000 after acquiring an additional 121,465 shares in the last quarter. Champlain Investment Partners LLC raised its holdings in shares of Penumbra by 20.6% in the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after buying an additional 264,122 shares during the last quarter. State Street Corp lifted its position in Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after buying an additional 3,863 shares in the last quarter. RTW Investments LP grew its holdings in Penumbra by 7.2% during the 3rd quarter. RTW Investments LP now owns 795,750 shares of the company’s stock worth $154,622,000 after acquiring an additional 53,645 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Penumbra by 128.1% in the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after acquiring an additional 375,684 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Penumbra Stock Performance

The stock’s 50 day simple moving average is $225.17 and its two-hundred day simple moving average is $201.01. The company has a market capitalization of $9.69 billion, a P/E ratio of 293.65, a P/E/G ratio of 2.55 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. The firm 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 quarter in the previous year, the company posted $0.67 EPS. As a group, research analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current year.

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.