BTIG Research Raises Penumbra (NYSE:PEN) Price Target to $234.00

Penumbra (NYSE:PEN) had its price objective upped by BTIG Research from $224.00 to $234.00 in a report released on Monday morning, Benzinga reports. BTIG Research currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Stifel Nicolaus initiated coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target on the stock. Citigroup raised their price objective on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Royal Bank of Canada raised their price objective on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $218.08.

Penumbra Stock Down 0.6 %

PEN opened at $205.43 on Monday. The business’s fifty day simple moving average is $195.09 and its 200 day simple moving average is $194.38. The company has a quick ratio of 3.77, 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 $277.34. The firm has a market cap of $7.96 billion, a P/E ratio of 86.68, a PEG ratio of 2.25 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same period last year, the company earned $0.43 EPS. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has approved a stock repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total value of $324,000.00. Following the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,368 shares of company stock worth $3,824,718. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds have recently bought and sold shares of the business. Mather Group LLC. acquired a new stake in Penumbra during the 1st quarter valued at approximately $29,000. GAMMA Investing LLC grew its position in shares of Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after acquiring an additional 90 shares in the last quarter. WASHINGTON TRUST Co acquired a new position in shares of Penumbra in the 2nd quarter worth approximately $54,000. Park Place Capital Corp grew its position in shares of Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after acquiring an additional 339 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after acquiring an additional 369 shares in the last quarter. Institutional investors and hedge funds 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.