Penumbra, Inc. (NYSE:PEN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Penumbra, Inc. (NYSE:PEN) have been given a consensus recommendation of “Moderate Buy” by the fourteen analysts that are presently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $208.00.

A number of equities research analysts recently commented on PEN shares. Leerink Partners started coverage on Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price for the company. Truist Financial restated a “buy” rating and set a $200.00 target price (down from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Robert W. Baird lowered their price target on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Canaccord Genuity Group cut their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the 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 sale, the chief executive officer now directly owns 927,582 shares in the company, valued at approximately $187,853,906.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the transaction, the director now owns 8,863 shares in the company, valued at approximately $1,809,026.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the sale, the chief executive officer now owns 927,582 shares in the company, valued at $187,853,906.64. The disclosure for this sale can be found here. Insiders have sold 19,372 shares of company stock worth $3,888,852 over the last three months. Company 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. Northwestern Mutual Wealth Management Co. raised its stake in Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after buying an additional 369 shares in the last quarter. Algert Global LLC raised its position in shares of Penumbra by 177.0% during the 2nd quarter. Algert Global LLC now owns 28,118 shares of the company’s stock worth $5,060,000 after acquiring an additional 17,968 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Penumbra during the second quarter worth approximately $4,033,000. The Manufacturers Life Insurance Company boosted its holdings in Penumbra by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 106,815 shares of the company’s stock valued at $19,223,000 after purchasing an additional 3,683 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Penumbra by 439.8% in the second quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock valued at $31,283,000 after purchasing an additional 145,364 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Trading Down 0.1 %

NYSE PEN opened at $194.90 on Thursday. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a fifty day simple moving average of $190.45 and a two-hundred day simple moving average of $198.23. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.56 billion, a P/E ratio of 82.24, a P/E/G ratio of 2.10 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its 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 company had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. On average, analysts forecast that Penumbra will post 2.63 earnings per share for the current year.

Penumbra announced that its Board of Directors has initiated a share buyback program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.