Penumbra’s (PEN) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Penumbra (NYSE:PEN) in a research report released on Wednesday,Benzinga reports. They currently have a $330.00 price target on the stock, up from their previous price target of $250.00.

Several other equities research analysts have also recently commented on PEN. Robert W. Baird upped their price target on Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their price target on Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Wednesday. BTIG Research upped 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. Morgan Stanley upped their price target on Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Wednesday. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $292.64.

Penumbra Price Performance

Shares of NYSE PEN opened at $292.52 on Wednesday. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra has a twelve month low of $148.00 and a twelve month high of $310.00. The stock has a 50 day moving average of $258.16 and a two-hundred day moving average of $227.04. The stock has a market cap of $11.27 billion, a P/E ratio of 860.35, a P/E/G ratio of 2.23 and a beta of 0.53.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. The company had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. On average, research analysts forecast that Penumbra will post 3.86 earnings per share for the current year.

Insiders Place Their Bets

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the sale, the executive vice president now owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 $5,016,625.92. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,219 shares of company stock worth $4,426,439. 5.00% of the stock is owned by corporate insiders.

Institutional Trading of Penumbra

Large investors have recently bought and sold shares of the company. True Wealth Design LLC acquired a new stake in Penumbra in the third quarter valued at $26,000. UMB Bank n.a. boosted its stake in shares of Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after acquiring an additional 70 shares during the last quarter. Hurley Capital LLC acquired a new stake in shares of Penumbra during the fourth quarter valued at $56,000. Huntington National Bank boosted its stake in shares of Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after acquiring an additional 154 shares during the last quarter. Finally, Mather Group LLC. boosted its stake in shares of Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after acquiring an additional 208 shares during the last quarter. Institutional investors and hedge funds 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.