Penumbra (NYSE:PEN) Price Target Raised to $235.00

Penumbra (NYSE:PEN) had its price target hoisted by Truist Financial from $200.00 to $235.00 in a research report report published on Monday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

PEN has been the subject of a number of other research reports. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Canaccord Genuity Group dropped their price target on Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Robert W. Baird dropped their price target on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Royal Bank of Canada raised their price target on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Finally, Leerink Partners initiated coverage on Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $218.08.

Penumbra Price Performance

Penumbra stock opened at $205.43 on Monday. Penumbra has a one year low of $148.00 and a one year high of $277.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. The business has a fifty day moving average of $195.09 and a two-hundred day moving average of $194.38. The company has a market cap of $7.96 billion, a P/E ratio of 86.68, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. During the same quarter last year, the company earned $0.43 earnings per share. Penumbra’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, analysts predict that Penumbra will post 2.59 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 Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares in the company, valued at $10,855,854.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares in the company, valued at $10,855,854.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now directly owns 8,697 shares in the company, valued at $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,368 shares of company stock worth $3,824,718 in the last 90 days. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penumbra

Several hedge funds and other institutional investors have recently modified their holdings of the company. Silvercrest Asset Management Group LLC lifted its stake in shares of Penumbra by 3.4% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after purchasing an additional 55 shares in the last quarter. ProShare Advisors LLC lifted its stake in shares of Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after purchasing an additional 62 shares in the last quarter. Creative Planning lifted its stake in shares of Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after purchasing an additional 71 shares in the last quarter. Arcadia Investment Management Corp MI lifted its stake in shares of Penumbra by 7.9% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock valued at $181,000 after purchasing an additional 74 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.