BTIG Research Lowers Penumbra (NYSE:PEN) Price Target to $187.00

Penumbra (NYSE:PEN) had its target price lowered by BTIG Research from $232.00 to $187.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also commented on the company. Royal Bank of Canada reduced their price objective on Penumbra from $289.00 to $205.00 and set an outperform rating for the company in a research note on Wednesday. Wells Fargo & Company lowered Penumbra from an overweight rating to an equal weight rating and reduced their price objective for the stock from $289.00 to $150.00 in a research note on Wednesday. Piper Sandler reduced their price objective on Penumbra from $260.00 to $200.00 and set an overweight rating for the company in a research note on Wednesday. Canaccord Genuity Group reduced their price objective on Penumbra from $272.00 to $176.00 and set a buy rating for the company in a research note on Wednesday. Finally, Morgan Stanley reduced their price objective on Penumbra from $235.00 to $210.00 and set an equal weight rating for the company in a research note on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $193.60.

Penumbra Price Performance

NYSE PEN opened at $175.51 on Wednesday. The business’s fifty day moving average price is $184.21 and its 200-day moving average price is $214.27. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of 74.06, a PEG ratio of 1.85 and a beta of 0.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.51. Penumbra has a 1-year low of $148.00 and a 1-year high of $302.00.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. The firm had revenue of $299.40 million for the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 EPS. On average, equities analysts predict that Penumbra will post 2.74 earnings per share for the current year.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the firm’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 transaction, the chief executive officer now owns 942,582 shares in the company, valued at $189,440,130.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $188.90, for a total value of $113,340.00. Following the completion of the sale, the executive vice president now owns 62,888 shares of the company’s stock, valued at $11,879,543.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’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 directly owns 942,582 shares of the company’s stock, valued at approximately $189,440,130.36. The disclosure for this sale can be found here. Insiders sold a total of 31,970 shares of company stock worth $6,428,404 over the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Penumbra by 7.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 118,828 shares of the company’s stock worth $29,893,000 after purchasing an additional 8,122 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after acquiring an additional 32,557 shares during the period. Quadrant Capital Group LLC increased its position in shares of Penumbra by 31.3% during the fourth quarter. Quadrant Capital Group LLC now owns 722 shares of the company’s stock worth $182,000 after acquiring an additional 172 shares during the period. Jennison Associates LLC purchased a new position in shares of Penumbra during the fourth quarter worth approximately $7,503,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Penumbra by 19.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock worth $66,697,000 after acquiring an additional 42,876 shares during the period. Institutional investors own 88.88% of the company’s stock.

About Penumbra

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.