Penumbra (NYSE:PEN) Upgraded at Leerink Partnrs

Leerink Partnrs upgraded shares of Penumbra (NYSE:PEN) to a strong-buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Penumbra’s Q3 2024 earnings at $0.67 EPS, Q4 2024 earnings at $0.86 EPS, FY2024 earnings at $2.58 EPS, Q1 2025 earnings at $0.77 EPS, Q2 2025 earnings at $1.01 EPS, Q3 2025 earnings at $1.05 EPS, Q4 2025 earnings at $1.25 EPS, FY2025 earnings at $4.08 EPS, FY2026 earnings at $5.39 EPS, FY2027 earnings at $6.59 EPS and FY2028 earnings at $7.50 EPS.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC reissued a hold rating on shares of Penumbra in a research note on Wednesday, July 31st. Robert W. Baird reduced their target price on shares of Penumbra from $231.00 to $180.00 and set an outperform rating on the stock in a research note on Wednesday, July 31st. BTIG Research increased their target price on shares of Penumbra from $187.00 to $224.00 and gave the company a buy rating in a research note on Wednesday, August 28th. Wells Fargo & Company lowered Penumbra from an overweight rating to an equal weight rating and reduced their target price for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Finally, Truist Financial reissued a buy rating and set a $200.00 target price (down from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $205.27.

Penumbra Price Performance

Penumbra stock opened at $204.04 on Tuesday. The company has a market cap of $7.92 billion, a price-to-earnings ratio of 86.09, a PEG ratio of 2.26 and a beta of 0.54. The firm’s fifty day moving average is $186.88 and its 200 day moving average is $203.25. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. Penumbra has a 52-week low of $148.00 and a 52-week high of $302.00.

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 company 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%. Penumbra’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 earnings per share. Sell-side analysts forecast that Penumbra will post 2.64 EPS for the current fiscal year.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $179.20, for a total transaction of $107,520.00. Following the transaction, the executive vice president now owns 62,288 shares in the company, valued at $11,162,009.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now owns 62,288 shares in the company, valued at $11,162,009.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.99, for a total value of $30,598.30. Following the completion of the transaction, the director now owns 1,005 shares in the company, valued at approximately $180,889.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,372 shares of company stock worth $3,888,852. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. grew its stake in Penumbra by 171.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. acquired a new stake in Penumbra in the first quarter worth about $29,000. Quest Partners LLC acquired a new stake in Penumbra in the fourth quarter worth about $71,000. WASHINGTON TRUST Co acquired a new stake in Penumbra in the second quarter worth about $54,000. Finally, Picton Mahoney Asset Management acquired a new stake in Penumbra in the fourth quarter worth about $88,000. 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.