Penumbra (NYSE:PEN) Receives “Overweight” Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Penumbra (NYSE:PEN) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $225.00 price objective on the stock, up from their prior price objective of $200.00.

Other analysts also recently issued reports about the stock. Citigroup lifted their price objective on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Morgan Stanley decreased their price objective on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Truist Financial increased their price target on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Canaccord Genuity Group upped their price objective on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, BTIG Research raised their target price 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. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned 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 a consensus target price of $220.17.

Penumbra Stock Up 3.2 %

Penumbra stock opened at $208.65 on Friday. The company has a 50 day moving average of $196.52 and a 200-day moving average of $194.38. 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 twelve month low of $148.00 and a twelve month high of $277.34. The stock has a market capitalization of $8.10 billion, a PE ratio of 613.68, a price-to-earnings-growth ratio of 2.41 and a beta of 0.54.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. On average, equities research analysts anticipate that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra announced that its Board of Directors has initiated a stock buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the transaction, the executive vice president now owns 61,088 shares in the company, valued at $12,597,567.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the transaction, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at $185,192,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,368 shares of company stock valued at $3,824,718. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PEN. Vanguard Group Inc. lifted its stake in Penumbra by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock valued at $920,159,000 after purchasing an additional 58,184 shares during the last quarter. Mather Group LLC. acquired a new position in Penumbra in the 1st quarter worth about $29,000. Congress Asset Management Co. MA raised its holdings in Penumbra by 375.0% in the 1st quarter. Congress Asset Management Co. MA now owns 26,576 shares of the company’s stock valued at $5,931,000 after buying an additional 20,981 shares during the last quarter. Diversified Trust Co raised its stake in shares of Penumbra by 112.1% during the first quarter. Diversified Trust Co now owns 6,720 shares of the company’s stock valued at $1,500,000 after acquiring an additional 3,552 shares during the last quarter. Finally, State of Michigan Retirement System grew its position in shares of Penumbra by 3.3% in the 1st quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock valued at $2,123,000 after buying an additional 300 shares during the last quarter. 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.