Piper Sandler Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price target increased by Piper Sandler from $225.00 to $235.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus assumed coverage on shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Robert W. Baird raised their price target on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Truist Financial increased their price target on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, BTIG Research boosted their target price on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $226.67.

Penumbra Price Performance

Penumbra stock opened at $233.30 on Thursday. The firm has a market cap of $8.95 billion, a P/E ratio of 271.28, a P/E/G ratio of 2.62 and a beta of 0.51. The stock’s 50 day moving average is $200.81 and its 200 day moving average is $193.74. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.77. Penumbra has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same period last year, the company posted $0.67 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts expect that Penumbra will post 2.58 EPS for the current year.

Penumbra declared that its Board of Directors has approved a stock buyback plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the sale, the chief executive officer now owns 867,582 shares in the company, valued at approximately $177,472,573.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $204.56, for a total value of $3,068,400.00. Following the transaction, the chief executive officer now directly owns 867,582 shares in the company, valued at approximately $177,472,573.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total transaction of $114,456.00. Following the sale, the executive vice president now owns 60,488 shares of the company’s stock, valued at approximately $11,538,690.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,368 shares of company stock worth $6,893,118 in the last three months. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Washington Trust Advisors Inc. boosted its holdings in shares of Penumbra by 2.6% in the 3rd quarter. Washington Trust Advisors Inc. now owns 21,506 shares of the company’s stock worth $4,179,000 after purchasing an additional 541 shares in the last quarter. SpiderRock Advisors LLC bought a new position in Penumbra during the third quarter valued at approximately $514,000. AlphaCentric Advisors LLC bought a new stake in shares of Penumbra in the 3rd quarter worth approximately $777,000. Diversify Wealth Management LLC purchased a new stake in shares of Penumbra in the 3rd quarter valued at $246,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Penumbra during the 3rd quarter valued at $502,000. Institutional investors 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.