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

Penumbra (NYSE:PEN) had its price target increased by Truist Financial from $240.00 to $285.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

PEN has been the topic of several other reports. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Leerink Partners initiated coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective on the stock. Wells Fargo & Company upgraded shares of Penumbra from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $190.00 to $275.00 in a research report on Wednesday, December 11th. BTIG Research lifted their target price on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Citigroup increased their price target on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $258.00.

Penumbra Stock Performance

Shares of Penumbra stock opened at $242.54 on Wednesday. The firm’s fifty day simple moving average is $232.15 and its 200-day simple moving average is $203.60. Penumbra has a 12 month low of $148.00 and a 12 month high of $277.34. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 282.02, a PEG ratio of 2.47 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating 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 company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the business posted $0.67 earnings per share. Penumbra’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Penumbra will post 2.81 earnings per share for the current year.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total value of $114,456.00. Following the sale, the executive vice president now directly owns 60,488 shares in the company, valued at $11,538,690.88. This represents a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred 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 transaction, the chief executive officer now owns 867,582 shares of the company’s stock, valued at $177,472,573.92. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,418 shares of company stock worth $7,659,323 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PEN. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Penumbra during the 2nd quarter worth about $233,000. Envestnet Portfolio Solutions Inc. grew its stake in Penumbra by 215.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,408 shares of the company’s stock worth $613,000 after acquiring an additional 2,326 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in Penumbra in the 2nd quarter valued at $223,000. Bank of New York Mellon Corp lifted its stake in shares of Penumbra by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after purchasing an additional 4,814 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Penumbra by 11.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 210,140 shares of the company’s stock worth $37,819,000 after purchasing an additional 21,741 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

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.