Penumbra (NYSE:PEN) Given New $205.00 Price Target at Royal Bank of Canada

Penumbra (NYSE:PEN) had its target price reduced by Royal Bank of Canada from $289.00 to $205.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also issued reports on PEN. Wells Fargo & Company lowered shares of Penumbra from an overweight rating to an equal weight rating and reduced their price objective for the company from $289.00 to $150.00 in a research note on Wednesday. BTIG Research cut their price objective on shares of Penumbra from $265.00 to $232.00 and set a buy rating for the company in a research report on Monday, July 15th. Needham & Company LLC reaffirmed a hold rating on shares of Penumbra in a research report on Wednesday. Canaccord Genuity Group lowered their target price on shares of Penumbra from $272.00 to $176.00 and set a buy rating on the stock in a research note on Wednesday. Finally, Piper Sandler lowered their target price on shares of Penumbra from $260.00 to $200.00 and set an overweight rating on the stock in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $193.60.

Penumbra Trading Down 3.5 %

NYSE PEN opened at $167.09 on Wednesday. The firm’s 50 day moving average price is $184.96 and its two-hundred day moving average price is $215.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.12. Penumbra has a twelve month low of $148.00 and a twelve month high of $310.51. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 70.50, a PEG ratio of 1.74 and a beta of 0.55.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business had revenue of $299.40 million for the quarter, compared to analysts’ expectations of $298.24 million. During the same period in the previous year, the company posted $0.43 EPS. Penumbra’s revenue was up 14.5% on a year-over-year basis. Equities analysts anticipate that Penumbra will post 2.88 EPS for the current year.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $179.20, for a total transaction of $107,520.00. Following the transaction, the executive vice president now directly owns 62,288 shares in the company, valued at $11,162,009.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now directly owns 62,288 shares in the company, valued at $11,162,009.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Don W. Kassing sold 170 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $179.99, for a total transaction of $30,598.30. Following the completion of the transaction, the director now owns 1,005 shares in the company, valued at $180,889.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,970 shares of company stock worth $6,428,404. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several large investors have recently bought and sold shares of PEN. Vanguard Group Inc. raised its holdings in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the period. Champlain Investment Partners LLC increased its position in shares of Penumbra by 131.8% during the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after acquiring an additional 616,700 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Penumbra by 12.2% during the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock worth $186,066,000 after acquiring an additional 90,444 shares in the last quarter. Norges Bank bought a new stake in shares of Penumbra during the fourth quarter worth $85,222,000. Finally, Bank of New York Mellon Corp increased its position in shares of Penumbra by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after acquiring an additional 4,814 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.