Penumbra (NYSE:PEN) Stock Price Up 6.2% After Analyst Upgrade

Penumbra, Inc. (NYSE:PEN)’s stock price traded up 6.2% during trading on Wednesday after Citigroup raised their price target on the stock from $220.00 to $245.00. Citigroup currently has a neutral rating on the stock. Penumbra traded as high as $257.95 and last traded at $257.20. 19,574 shares changed hands during trading, a decline of 95% from the average session volume of 373,301 shares. The stock had previously closed at $242.27.

Other analysts have also issued research reports about the stock. Wells Fargo & Company raised shares of Penumbra from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $190.00 to $275.00 in a report on Wednesday. Piper Sandler upped their price objective on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Truist Financial upped their price target on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price objective for the company. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $252.42.

Insider Buying and Selling at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the completion of the sale, the chief accounting officer now owns 20,682 shares in the company, valued at $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,418 shares of company stock valued at $10,624,973 in the last 90 days. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Penumbra

Several hedge funds have recently modified their holdings of PEN. True Wealth Design LLC bought a new stake in Penumbra during the third quarter worth about $26,000. GAMMA Investing LLC raised its stake in shares of Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Park Place Capital Corp raised its stake in shares of Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after buying an additional 369 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after buying an additional 43 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Performance

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 stock’s fifty day moving average is $225.17 and its two-hundred day moving average is $201.01. The firm has a market capitalization of $9.69 billion, a price-to-earnings ratio of 293.65, a P/E/G ratio of 2.55 and a beta of 0.51.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the business earned $0.67 EPS. Penumbra’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts predict that Penumbra, Inc. will post 2.81 earnings per share for the current year.

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.