Penumbra (NYSE:PEN) Price Target Raised to $285.00

Penumbra (NYSE:PEN) had its target price increased by Truist Financial from $240.00 to $285.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 16.37% from the stock’s current price.

A number of other brokerages have also recently commented on PEN. Robert W. Baird upped their price target on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Canaccord Genuity Group increased their target price on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Leerink Partners started coverage on shares of Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target for the company. Piper Sandler raised their price objective on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, Stifel Nicolaus assumed coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $258.00.

Penumbra Trading Down 1.1 %

Penumbra stock traded down $2.65 during mid-day trading on Wednesday, hitting $244.90. The stock had a trading volume of 16,058 shares, compared to its average volume of 373,780. The stock has a market capitalization of $9.40 billion, a PE ratio of 284.77, a P/E/G ratio of 2.47 and a beta of 0.51. Penumbra has a 12 month low of $148.00 and a 12 month high of $277.34. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The stock has a 50-day simple moving average of $229.52 and a two-hundred day simple moving average of $202.69.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the business earned $0.67 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Penumbra will post 2.81 EPS for the current year.

Insider Activity at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the sale, the executive vice president now owns 63,444 shares of the company’s stock, valued at $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,418 shares of company stock worth $10,624,973. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PEN. Janus Henderson Group PLC raised its position in Penumbra by 128.1% in the third quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after purchasing an additional 375,684 shares during the last quarter. Thrivent Financial for Lutherans boosted its position 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 buying an additional 358,932 shares during the period. Champlain Investment Partners LLC grew its holdings in Penumbra by 20.6% during 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. Massachusetts Financial Services Co. MA acquired a new position in Penumbra in the 3rd quarter valued at approximately $31,965,000. Finally, Braidwell LP lifted its holdings in shares of Penumbra by 70.0% during the third quarter. Braidwell LP now owns 361,428 shares of the company’s stock worth $70,229,000 after purchasing an additional 148,834 shares during the period. 88.88% of the stock is currently 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.