Penumbra (NYSE:PEN) Rating Increased to Overweight at Wells Fargo & Company

Penumbra (NYSE:PEN) was upgraded by Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report released on Wednesday, MarketBeat Ratings reports. The firm currently has a $275.00 price objective on the stock, up from their previous price objective of $190.00. Wells Fargo & Company‘s price objective points to a potential upside of 13.47% from the company’s previous close.

PEN has been the subject of a number of other research reports. Piper Sandler raised their price objective on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Truist Financial raised their price target on shares of Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Citigroup increased their price objective on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Canaccord Genuity Group boosted their target price on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and an average target price of $248.67.

Penumbra Stock Up 0.6 %

Shares of NYSE:PEN opened at $242.35 on Wednesday. The company has a 50 day moving average of $222.95 and a two-hundred day moving average of $200.29. Penumbra has a 52-week low of $148.00 and a 52-week 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 company has a market capitalization of $9.30 billion, a price-to-earnings ratio of 281.80, a price-to-earnings-growth ratio of 2.39 and a beta of 0.51.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 EPS. As a group, analysts forecast that Penumbra will post 2.81 earnings per share for the current fiscal year.

Penumbra declared that its board has approved a share repurchase program on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CAO Lambert Shiu sold 1,798 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $242.56, for a total value of $436,122.88. Following the completion of the sale, the chief accounting officer now directly owns 20,682 shares in the company, valued at approximately $5,016,625.92. This represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated 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 owns 882,582 shares in the company, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,418 shares of company stock worth $10,624,973. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in shares of Penumbra in the second quarter worth about $17,943,000. Thrivent Financial for Lutherans increased its position in Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after buying an additional 358,932 shares during the period. Vontobel Holding Ltd. acquired a new position in shares of Penumbra during the third quarter worth approximately $1,092,000. AlphaCentric Advisors LLC bought a new stake in shares of Penumbra in the third quarter valued at approximately $777,000. Finally, LMR Partners LLP acquired a new stake in shares of Penumbra in the third quarter worth $2,330,000. 88.88% of the stock is owned by institutional investors.

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.