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

Shares of Penumbra, Inc. (NYSE:PEN) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $220.17.

PEN has been the topic of a number of research reports. Morgan Stanley decreased their price target on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Robert W. Baird lowered 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. Royal Bank of Canada boosted their price target on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at $174,495,287.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Penumbra news, Director Harpreet Grewal sold 166 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now directly owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the transaction, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,368 shares of company stock valued at $3,824,718. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penumbra

Several hedge funds have recently modified their holdings of PEN. Allspring Global Investments Holdings LLC raised its position in Penumbra by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock worth $41,604,000 after buying an additional 3,973 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock worth $92,000 after acquiring an additional 453 shares during the period. Vontobel Holding Ltd. purchased a new position in Penumbra during the third quarter worth about $1,092,000. Creative Planning lifted its position in Penumbra by 4.7% in the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after purchasing an additional 71 shares during the period. Finally, CWM LLC lifted its position in Penumbra by 29.7% in the third quarter. CWM LLC now owns 2,011 shares of the company’s stock valued at $391,000 after purchasing an additional 461 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

Penumbra Stock Up 3.2 %

Shares of NYSE:PEN opened at $208.65 on Monday. The company has a market capitalization of $8.09 billion, a price-to-earnings ratio of 88.04, a PEG ratio of 2.41 and a beta of 0.54. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The business has a 50-day moving average price of $196.52 and a 200 day moving average price of $194.11. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. Sell-side analysts expect that Penumbra will post 2.59 EPS for the current year.

Penumbra announced that its Board of Directors has authorized a share buyback plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management 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.