Wells Fargo & Company Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its target price upped by stock analysts at Wells Fargo & Company from $275.00 to $305.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.72% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Canaccord Genuity Group boosted their target price on shares of Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a report on Monday, December 9th. Oppenheimer started coverage on shares of Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target on the stock. Morgan Stanley upped their price target on shares of Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Truist Financial upped their price target on shares of Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Citigroup upped their price target on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Stock Performance

Shares of PEN stock opened at $302.82 on Wednesday. Penumbra has a 12 month low of $148.00 and a 12 month high of $310.00. The stock has a market cap of $11.62 billion, a PE ratio of 890.64, a price-to-earnings-growth ratio of 1.99 and a beta of 0.53. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average price is $257.15 and its 200-day moving average price is $226.51.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.73%. The firm had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. On average, equities analysts expect that Penumbra will post 3.86 EPS for the current fiscal year.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the sale, the chief executive officer now owns 837,582 shares of the company’s stock, valued at $203,498,922.72. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Lambert Shiu sold 1,798 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $242.56, for a total transaction of $436,122.88. Following the completion of the transaction, the chief accounting officer now directly owns 20,682 shares in the company, valued at approximately $5,016,625.92. The trade was a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock valued at $4,426,439 in the last 90 days. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cache Advisors LLC purchased a new position in shares of Penumbra in the fourth quarter worth approximately $534,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Penumbra by 6.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 22,399 shares of the company’s stock worth $5,319,000 after buying an additional 1,316 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Penumbra by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 111,500 shares of the company’s stock worth $26,479,000 after buying an additional 13,929 shares during the last quarter. Woodline Partners LP boosted its holdings in shares of Penumbra by 396.0% in the fourth quarter. Woodline Partners LP now owns 25,323 shares of the company’s stock worth $6,014,000 after buying an additional 20,218 shares during the last quarter. Finally, Vident Advisory LLC purchased a new position in shares of Penumbra in the fourth quarter worth approximately $212,000. Hedge funds and other institutional investors 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.