Penumbra (NYSE:PEN) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Penumbra (NYSE:PEN) in a research note published on Wednesday, Benzinga reports.

Several other research firms have also recently commented on PEN. Canaccord Genuity Group reduced their target price on Penumbra from $284.00 to $272.00 and set a buy rating for the company in a research report on Wednesday, May 8th. Morgan Stanley reduced their target price on Penumbra from $235.00 to $210.00 and set an equal weight rating for the company in a research report on Monday, July 15th. Truist Financial reduced their target price on Penumbra from $280.00 to $230.00 and set a buy rating for the company in a research report on Tuesday, July 16th. Piper Sandler reduced their target price on Penumbra from $260.00 to $200.00 and set an overweight rating for the company in a research report on Wednesday. Finally, Citigroup cut Penumbra from a buy rating to a neutral rating and boosted their target price for the stock from $165.00 to $178.00 in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $193.60.

Penumbra Stock Performance

NYSE:PEN opened at $175.51 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.25. Penumbra has a 52-week low of $148.00 and a 52-week high of $302.00. The firm has a market cap 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 business’s fifty day moving average is $184.21 and its 200 day moving average is $214.27.

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

Insider Buying and Selling at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the completion of the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $207.41, for a total value of $124,446.00. Following the completion of the transaction, the executive vice president now directly owns 63,488 shares of the company’s stock, valued at approximately $13,168,046.08. The disclosure for this sale can be found here. Insiders sold 31,970 shares of company stock valued at $6,428,404 in the last 90 days. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. TD Asset Management Inc raised its position in shares of Penumbra by 3.2% in the 2nd quarter. TD Asset Management Inc now owns 133,942 shares of the company’s stock worth $24,106,000 after acquiring an additional 4,156 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Penumbra by 0.5% in the 2nd quarter. Rhumbline Advisers now owns 109,132 shares of the company’s stock worth $19,640,000 after buying an additional 517 shares during the last quarter. Natixis Advisors LLC purchased a new stake in shares of Penumbra in the 2nd quarter worth approximately $3,423,000. nVerses Capital LLC purchased a new stake in shares of Penumbra in the 2nd quarter worth approximately $396,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Penumbra in the 2nd quarter worth approximately $215,000. Institutional investors 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.