Penumbra (NYSE:PEN) Given New $272.00 Price Target at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its price objective cut by Canaccord Genuity Group from $284.00 to $272.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on PEN. Piper Sandler decreased their price objective on Penumbra from $290.00 to $260.00 and set an overweight rating on the stock in a report on Wednesday. Truist Financial cut their price objective on Penumbra from $290.00 to $280.00 and set a buy rating for the company in a research report on Friday, March 22nd. TheStreet raised shares of Penumbra from a d+ rating to a c- rating in a research report on Friday, January 12th. JPMorgan Chase & Co. lowered shares of Penumbra from an overweight rating to a neutral rating and lowered their target price for the stock from $284.00 to $250.00 in a research note on Friday, February 23rd. Finally, Royal Bank of Canada reissued an outperform rating and issued a $289.00 price target on shares of Penumbra in a research note on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $300.64.

Penumbra Trading Up 3.1 %

NYSE PEN traded up $6.31 on Wednesday, reaching $209.40. 380,712 shares of the company were exchanged, compared to its average volume of 353,362. The company has a current ratio of 6.06, a quick ratio of 3.49 and a debt-to-equity ratio of 0.02. The business’s fifty day moving average price is $221.08 and its 200 day moving average price is $231.82. The stock has a market capitalization of $8.12 billion, a P/E ratio of 87.91, a price-to-earnings-growth ratio of 2.06 and a beta of 0.57. Penumbra has a fifty-two week low of $180.93 and a fifty-two week high of $348.67.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The firm had revenue of $278.70 million during the quarter, compared to analysts’ expectations of $274.94 million. During the same period in the prior year, the company posted $0.23 EPS. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts forecast that Penumbra will post 2.85 earnings per share for the current year.

Insider Activity

In other Penumbra news, Director Don W. Kassing sold 170 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $223.18, for a total transaction of $37,940.60. Following the sale, the director now owns 1,175 shares in the company, valued at approximately $262,236.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Don W. Kassing sold 170 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $223.18, for a total value of $37,940.60. Following the sale, the director now directly owns 1,175 shares in the company, valued at approximately $262,236.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arani Bose sold 7,500 shares of Penumbra stock in a transaction on Monday, March 4th. The stock was sold at an average price of $250.20, for a total transaction of $1,876,500.00. Following the sale, the director now directly owns 164,294 shares of the company’s stock, valued at $41,106,358.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,648 shares of company stock worth $2,369,903. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several large investors have recently bought and sold shares of PEN. Jennison Associates LLC acquired a new stake in shares of Penumbra in the 4th quarter valued at about $7,503,000. Allspring Global Investments Holdings LLC grew its position in shares of Penumbra by 19.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock worth $66,697,000 after acquiring an additional 42,876 shares during the last quarter. Yousif Capital Management LLC increased its holdings in shares of Penumbra by 1.3% in the 4th quarter. Yousif Capital Management LLC now owns 18,399 shares of the company’s stock valued at $4,628,000 after acquiring an additional 234 shares during the period. Aigen Investment Management LP acquired a new position in shares of Penumbra in the 3rd quarter valued at $209,000. Finally, QRG Capital Management Inc. acquired a new stake in Penumbra during the 3rd quarter worth $424,000. Institutional investors and hedge funds 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.