Bank of America Begins Coverage on Penumbra (NYSE:PEN)

Bank of America began coverage on shares of Penumbra (NYSE:PEN) in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $320.00 price target on the stock. Bank of America‘s price objective would suggest a potential upside of 22.72% from the stock’s previous close.

A number of other equities research analysts also recently commented on the stock. Citigroup lifted their target price on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Wednesday, February 19th. Truist Financial upped their price target on shares of Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Morgan Stanley raised their price objective on shares of Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 19th. Finally, Wells Fargo & Company boosted their target price on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $294.47.

Penumbra Stock Down 2.4 %

NYSE PEN opened at $260.75 on Friday. The business’s 50-day moving average is $269.26 and its 200 day moving average is $236.89. The stock has a market capitalization of $10.04 billion, a PE ratio of 766.91, a PEG ratio of 2.83 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. Penumbra has a 1 year low of $148.00 and a 1 year high of $310.00.

Penumbra (NYSE:PEN) last posted its quarterly earnings results 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 firm had revenue of $315.52 million during the quarter, compared to analyst estimates of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. Sell-side analysts forecast that Penumbra will post 3.67 earnings per share for the current year.

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction 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 approximately $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 61,600 shares of Penumbra stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $283.59, for a total transaction of $17,469,144.00. Following the completion of the sale, the chief executive officer now owns 16,376 shares in the company, valued at approximately $4,644,069.84. This represents a 79.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,918 shares of company stock valued at $22,054,293 in the last three months. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

A number of large investors have recently added to or reduced their stakes in PEN. True Wealth Design LLC bought a new stake in Penumbra in the third quarter worth $26,000. UMB Bank n.a. grew its stake in shares of Penumbra by 57.4% in the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares in the last quarter. Hurley Capital LLC bought a new stake in shares of Penumbra in the 4th quarter worth about $56,000. Huntington National Bank raised its position in shares of Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after buying an additional 154 shares in the last quarter. Finally, Mather Group LLC. raised its position in shares of Penumbra by 208.0% during the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after buying an additional 208 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

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.