Penumbra (NYSE:PEN) Price Target Cut to $176.00 by Analysts at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its price target cut by analysts at Canaccord Genuity Group from $272.00 to $176.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 18.65% from the company’s current price.

Several other brokerages also recently issued reports on PEN. Wells Fargo & Company downgraded shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $289.00 to $150.00 in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Wednesday. Morgan Stanley reduced their price objective on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Piper Sandler reduced their price objective on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Truist Financial reduced their price objective on shares of Penumbra from $280.00 to $230.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $212.78.

Penumbra Stock Down 14.3 %

Shares of PEN opened at $148.33 on Wednesday. Penumbra has a one year low of $148.33 and a one year high of $310.51. The company has a market cap of $5.75 billion, a P/E ratio of 62.59, a P/E/G ratio of 1.80 and a beta of 0.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.12 and a quick ratio of 3.51. The firm has a 50 day simple moving average of $185.60 and a two-hundred day simple moving average of $215.83.

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 company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 8.52% and a return on equity of 7.83%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.43 earnings per share. Research analysts forecast that Penumbra will post 2.88 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

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

Institutional Investors Weigh In On Penumbra

Institutional investors and hedge funds have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Penumbra by 171.8% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock worth $27,000 after acquiring an additional 67 shares during the last quarter. Mather Group LLC. purchased a new stake in Penumbra in the 1st quarter valued at about $29,000. Signaturefd LLC increased its stake in Penumbra by 27.2% in the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after buying an additional 46 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in Penumbra in the 2nd quarter valued at about $54,000. Finally, Quest Partners LLC purchased a new stake in Penumbra in the 4th quarter valued at about $71,000. 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.