Morgan Stanley Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective increased by Morgan Stanley from $240.00 to $260.00 in a research note published on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity Group lifted their price target on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Piper Sandler lifted their price target on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Robert W. Baird lifted their price target on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Wednesday. Finally, UBS Group began coverage on shares of Penumbra in a research note on Tuesday, January 21st. They set a “buy” rating and a $305.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Trading Down 3.5 %

Shares of Penumbra stock opened at $292.52 on Wednesday. The company’s fifty day simple moving average is $258.16 and its 200-day simple moving average is $227.04. The company has a market cap of $11.27 billion, a price-to-earnings ratio of 860.35, a PEG ratio of 2.23 and a beta of 0.53. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra has a 1 year low of $148.00 and a 1 year high of $310.00.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. As a group, sell-side analysts expect that Penumbra will post 3.86 EPS for the current year.

Insider Activity at Penumbra

In related news, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $242.56, for a total value of $436,122.88. Following the completion of the transaction, the chief accounting officer now directly owns 20,682 shares of the company’s stock, valued at $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harpreet Grewal sold 167 shares of Penumbra 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,219 shares of company stock valued at $4,426,439 over the last ninety days. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. bought a new position in shares of Penumbra in the fourth quarter valued at about $573,000. State Street Corp raised its holdings in Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after purchasing an additional 3,863 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Penumbra by 3,832.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after purchasing an additional 358,932 shares during the last quarter. E. Ohman J or Asset Management AB raised its holdings in Penumbra by 10.4% during the 4th quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock worth $5,061,000 after purchasing an additional 2,000 shares during the last quarter. Finally, AlphaCentric Advisors LLC bought a new stake in Penumbra during the 3rd quarter worth about $777,000. 88.88% of the stock is owned by 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.