Penumbra’s (PEN) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Penumbra (NYSE:PEN) in a report published on Thursday morning, Benzinga reports.

Several other research firms also recently issued reports on PEN. Truist Financial lifted their price target on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Canaccord Genuity Group lifted their target price on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley cut their price objective 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. Finally, Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $226.67.

Penumbra Trading Up 1.9 %

Shares of PEN opened at $233.30 on Thursday. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34. The company has a current ratio of 5.82, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $8.95 billion, a P/E ratio of 271.28, a PEG ratio of 2.62 and a beta of 0.51. The firm’s 50-day moving average is $200.81 and its two-hundred day moving average is $193.84.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.67 EPS. On average, research analysts predict that Penumbra will post 2.58 earnings per share for the current fiscal year.

Penumbra announced that its board has approved a stock repurchase plan on Tuesday, August 13th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the transaction, the executive vice president now owns 61,688 shares of the company’s stock, valued at $10,855,854.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the sale, the chief executive officer now directly owns 867,582 shares of the company’s stock, valued at $177,472,573.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,368 shares of company stock valued at $6,893,118 in the last 90 days. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penumbra

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after buying an additional 90 shares during the period. WASHINGTON TRUST Co purchased a new position in shares of Penumbra in the 2nd quarter valued at $54,000. Park Place Capital Corp lifted its holdings in shares of Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Penumbra in the 1st quarter valued at $89,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.