Penumbra (NYSE:PEN) Downgraded by Citigroup

Citigroup lowered shares of Penumbra (NYSE:PEN) from a buy rating to a neutral rating in a report released on Wednesday morning, MarketBeat Ratings reports. Citigroup currently has $178.00 target price on the stock, up from their previous target price of $165.00.

PEN has been the subject of several other research reports. Morgan Stanley reduced their price objective on shares of Penumbra from $235.00 to $210.00 and set an equal weight rating for the company in a research note on Monday, July 15th. Piper Sandler cut their target price on shares of Penumbra from $290.00 to $260.00 and set an overweight rating for the company in a research report on Wednesday, May 8th. Truist Financial cut their target price on shares of Penumbra from $280.00 to $230.00 and set a buy rating for the company in a research report on Tuesday, July 16th. BTIG Research cut their target price on shares of Penumbra from $265.00 to $232.00 and set a buy rating for the company in a research report on Monday, July 15th. Finally, Canaccord Genuity Group cut their target price on shares of Penumbra from $284.00 to $272.00 and set a buy rating for the company in a research report on Wednesday, May 8th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Penumbra presently has an average rating of Moderate Buy and a consensus target price of $193.60.

Penumbra Stock Up 2.5 %

Shares of NYSE PEN opened at $175.51 on Wednesday. The company has a quick ratio of 3.51, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. Penumbra has a 52 week low of $148.00 and a 52 week high of $302.00. The firm has a 50-day moving average price of $184.21 and a 200 day moving average price of $214.27. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of 74.06, a price-to-earnings-growth ratio of 1.85 and a beta of 0.55.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter last year, the business earned $0.43 earnings per share. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts anticipate that Penumbra will post 2.74 EPS for the current fiscal year.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The sale was disclosed in a filing with the SEC, which is available at this link. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $179.99, for a total transaction of $30,598.30. Following the transaction, the director now directly owns 1,005 shares in the company, valued at $180,889.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,970 shares of company stock worth $6,428,404. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PEN. Champlain Investment Partners LLC lifted its position in shares of Penumbra by 131.8% during the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after purchasing an additional 616,700 shares in the last quarter. Norges Bank acquired a new position in shares of Penumbra during the fourth quarter worth $85,222,000. Braidwell LP lifted its position in shares of Penumbra by 133.7% during the fourth quarter. Braidwell LP now owns 222,792 shares of the company’s stock worth $56,041,000 after purchasing an additional 127,477 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Penumbra by 12.2% during the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock worth $186,066,000 after purchasing an additional 90,444 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Penumbra by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock worth $920,159,000 after purchasing an additional 58,184 shares in the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.