Penumbra (NYSE:PEN) Price Target Raised to $250.00

Penumbra (NYSE:PEN) had its price target lifted by Piper Sandler from $235.00 to $250.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently commented on PEN. Royal Bank of Canada lifted their target price on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Citigroup increased their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Robert W. Baird lifted their price target on Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, BTIG Research increased their price objective on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $227.92.

Penumbra Trading Up 1.9 %

Shares of PEN stock opened at $244.95 on Wednesday. The business has a 50-day moving average price of $211.55 and a two-hundred day moving average price of $197.25. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The firm has a market cap of $9.40 billion, a P/E ratio of 284.83, a price-to-earnings-growth ratio of 2.44 and a beta of 0.51.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The company had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. During the same quarter in the previous year, the company posted $0.67 EPS. Penumbra’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts anticipate that Penumbra will post 2.79 EPS for the current fiscal year.

Penumbra declared that its board has approved 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 often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the completion of the transaction, the chief executive officer now owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This trade represents a 1.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares in the company, valued at $12,597,567.36. This trade represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,748 shares of company stock worth $10,166,574 in the last three months. 5.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Large investors have recently modified their holdings of the stock. True Wealth Design LLC purchased a new stake in Penumbra during the 3rd quarter valued at about $26,000. GAMMA Investing LLC grew its holdings in shares of Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after buying an additional 90 shares during the last quarter. WASHINGTON TRUST Co bought a new stake in shares of Penumbra during the second quarter valued at approximately $54,000. Park Place Capital Corp increased its position in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after acquiring an additional 369 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.