Piper Sandler Reaffirms “Overweight” Rating for Penumbra (NYSE:PEN)

Penumbra (NYSE:PEN)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Sandler in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $330.00 price objective on the stock, up from their previous price objective of $250.00. Piper Sandler’s price target would suggest a potential upside of 8.98% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Wednesday. Citigroup upped their price objective on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Wells Fargo & Company upped their price objective on Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial upped their price objective on Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley upped their price objective on Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $292.64.

Penumbra Price Performance

Shares of NYSE PEN opened at $302.82 on Wednesday. The business’s 50 day moving average price is $257.15 and its 200 day moving average price is $226.51. The firm has a market cap of $11.62 billion, a P/E ratio of 890.64, a P/E/G ratio of 1.99 and a beta of 0.53. Penumbra has a 52 week low of $148.00 and a 52 week high of $310.00. 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 issued its earnings results on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The firm had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. Penumbra had a return on equity of 9.73% and a net margin of 1.17%. On average, sell-side analysts expect that Penumbra will post 3.86 earnings per share for the current year.

Insider Transactions at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the completion of the transaction, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 167 shares of the stock in a transaction on 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 approximately $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 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 Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC raised its stake in Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after purchasing an additional 121,465 shares during the last quarter. Champlain Investment Partners LLC increased its stake in shares of Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after acquiring an additional 264,122 shares during the last quarter. State Street Corp increased its stake in shares of Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after acquiring an additional 3,863 shares during the last quarter. RTW Investments LP increased its stake in shares of Penumbra by 8.4% in the 4th quarter. RTW Investments LP now owns 862,450 shares of the company’s stock worth $204,815,000 after acquiring an additional 66,700 shares during the last quarter. Finally, Baillie Gifford & Co. increased its stake in shares of Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after acquiring an additional 138,387 shares during 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.