Penumbra (NYSE:PEN) Given New $285.00 Price Target at Truist Financial

Penumbra (NYSE:PEN) had its price objective boosted by Truist Financial from $240.00 to $285.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research firms have also weighed in on PEN. Wells Fargo & Company raised Penumbra from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $190.00 to $275.00 in a research note on Wednesday, December 11th. Robert W. Baird lifted their price target on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Oppenheimer began coverage on shares of Penumbra in a research note on Tuesday. They issued an “outperform” rating and a $275.00 target price on the stock. Finally, Canaccord Genuity Group upped their price target on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.00.

Penumbra Stock Performance

NYSE:PEN opened at $242.54 on Wednesday. The company has a market cap of $9.31 billion, a P/E ratio of 282.02, a P/E/G ratio of 2.47 and a beta of 0.51. The firm’s 50 day moving average is $232.15 and its two-hundred day moving average is $203.60. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. During the same period in the prior year, the firm posted $0.67 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts expect that Penumbra will post 2.81 EPS for the current year.

Insider Buying and Selling

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at $1,659,648.51. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $244.49, for a total transaction of $146,694.00. Following the completion of the sale, the executive vice president now owns 63,444 shares in the company, valued at approximately $15,511,423.56. This trade represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,418 shares of company stock worth $7,659,323. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

Hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC bought a new position in Penumbra during the 3rd quarter worth approximately $26,000. GAMMA Investing LLC lifted its stake in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. Park Place Capital Corp lifted its stake in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Penumbra by 1,845.0% in the second 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, Advisors Asset Management Inc. increased its stake in Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

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.