Truist Financial Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective boosted by stock analysts at Truist Financial from $285.00 to $325.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 5.92% from the stock’s previous close.

A number of other brokerages have also weighed in on PEN. Oppenheimer initiated coverage on shares of Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price for the company. Piper Sandler restated an “overweight” rating and set a $330.00 price objective (up from $250.00) on shares of Penumbra in a research note on Wednesday. Wells Fargo & Company increased their price objective on shares of Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Wednesday. BTIG Research increased their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Citigroup increased their price objective on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $290.14.

Penumbra Trading Up 13.2 %

Shares of Penumbra stock traded up $35.69 on Wednesday, hitting $306.83. 975,700 shares of the company’s stock traded hands, compared to its average volume of 494,812. The firm’s 50-day moving average price is $256.15 and its two-hundred day moving average price is $225.97. The stock has a market capitalization of $11.78 billion, a PE ratio of 357.05, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53. Penumbra has a one year low of $148.00 and a one year high of $307.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. On average, research analysts expect that Penumbra will post 2.81 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 167 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the transaction, the director now directly owns 8,530 shares of the company’s stock, valued at $2,058,118.40. This represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Lambert Shiu sold 1,798 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the completion of the transaction, the chief accounting officer now directly owns 20,682 shares in the company, valued at approximately $5,016,625.92. This represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock valued at $4,426,439 in the last three months. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Penumbra

A number of hedge funds have recently added to or reduced their stakes in the stock. Cache Advisors LLC acquired a new stake in Penumbra in the fourth quarter valued at approximately $534,000. Public Employees Retirement System of Ohio boosted its position in Penumbra by 6.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 22,399 shares of the company’s stock valued at $5,319,000 after buying an additional 1,316 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Penumbra by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 111,500 shares of the company’s stock valued at $26,479,000 after buying an additional 13,929 shares in the last quarter. Woodline Partners LP boosted its position in Penumbra by 396.0% in the fourth quarter. Woodline Partners LP now owns 25,323 shares of the company’s stock valued at $6,014,000 after buying an additional 20,218 shares in the last quarter. Finally, Vident Advisory LLC acquired a new stake in Penumbra in the fourth quarter valued at approximately $212,000. Institutional investors and hedge funds 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.