Penumbra (NYSE:PEN) Trading 7.1% Higher – Here’s Why

Penumbra, Inc. (NYSE:PEN)’s share price traded up 7.1% during trading on Tuesday . The company traded as high as $257.36 and last traded at $254.07. 128,567 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 364,074 shares. The stock had previously closed at $237.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PEN shares. BTIG Research boosted their price target on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Oppenheimer initiated coverage on shares of Penumbra in a research note on Tuesday, December 17th. They set an “outperform” rating and a $275.00 price target on the stock. Truist Financial lifted their price objective 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, Robert W. Baird upped their target price on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.00.

Penumbra Stock Up 2.3 %

The business has a 50 day moving average price of $241.17 and a 200 day moving average price of $208.76. 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 has a market cap of $9.90 billion, a PE ratio of 299.93, a P/E/G ratio of 2.47 and a beta of 0.52.

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

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the transaction, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $239.74, for a total transaction of $143,844.00. Following the completion of the transaction, the executive vice president now directly owns 64,044 shares in the company, valued at $15,353,908.56. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,819 shares of company stock valued at $11,197,883. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of large investors have recently modified their holdings of PEN. Advisors Asset Management Inc. boosted its position in Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after acquiring an additional 43 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after purchasing an additional 62 shares during the last quarter. Legacy Wealth Asset Management LLC grew its position in shares of Penumbra by 3.9% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after purchasing an additional 65 shares in the last quarter. Creative Planning increased its holdings in shares of Penumbra by 4.7% in the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after purchasing an additional 71 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after buying an additional 90 shares in the last quarter. 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.