Penumbra (NYSE:PEN) Price Target Raised to $235.00

Penumbra (NYSE:PEN) had its price objective hoisted by Canaccord Genuity Group from $176.00 to $235.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also issued reports on the stock. BTIG Research upped their price target 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. Stifel Nicolaus assumed coverage on Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price on the stock. Royal Bank of Canada lifted their price target on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Finally, Robert W. Baird decreased their target price on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $220.17.

Penumbra Stock Up 3.2 %

Penumbra stock opened at $208.65 on Wednesday. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The business has a fifty day moving average price of $196.52 and a 200-day moving average price of $194.38. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 613.68, a PEG ratio of 2.41 and a beta of 0.54.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating 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 analysts’ expectations of $298.24 million. During the same period last year, the business posted $0.43 earnings per share. The firm’s revenue was up 14.5% compared to the same quarter last year. Equities research analysts forecast that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra declared that its board has initiated a stock repurchase 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction 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 completion of the transaction, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,368 shares of company stock valued at $3,824,718. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Penumbra by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after buying an additional 32,557 shares in the last quarter. Champlain Investment Partners LLC lifted its position in shares of Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after acquiring an additional 616,700 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Penumbra by 12.2% in the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock worth $186,066,000 after acquiring an additional 90,444 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Penumbra by 1.5% during the second 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 in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Penumbra by 96.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after purchasing an additional 126,392 shares during 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.