Penumbra (NYSE:PEN) Price Target Cut to $265.00

Penumbra (NYSE:PEN) had its target price reduced by equities research analysts at Citigroup from $300.00 to $265.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 42.25% from the company’s current price.

PEN has been the topic of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday, May 8th. Piper Sandler dropped their target price on shares of Penumbra from $290.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. Canaccord Genuity Group dropped their target price on shares of Penumbra from $284.00 to $272.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Truist Financial dropped their target price on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $287.60.

Penumbra Stock Performance

Shares of PEN opened at $186.29 on Wednesday. The firm’s 50 day moving average is $190.06 and its 200-day moving average is $221.72. The stock has a market capitalization of $7.22 billion, a P/E ratio of 78.60, a P/E/G ratio of 1.82 and a beta of 0.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.12 and a quick ratio of 3.51. Penumbra has a 12-month low of $170.59 and a 12-month high of $324.59.

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 the consensus estimate of $0.42 by ($0.01). The business had revenue of $278.70 million during the quarter, compared to analyst estimates of $274.94 million. Penumbra had a return on equity of 7.83% and a net margin of 8.52%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 EPS. Equities research analysts anticipate that Penumbra will post 2.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $207.41, for a total transaction of $124,446.00. Following the completion of the sale, the executive vice president now directly owns 63,488 shares in the company, valued at $13,168,046.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $207.41, for a total value of $124,446.00. Following the completion of the sale, the executive vice president now directly owns 63,488 shares in the company, valued at $13,168,046.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the completion of the sale, the chief executive officer now owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,970 shares of company stock worth $3,390,604. 5.00% of the stock is owned by company insiders.

Institutional Trading of Penumbra

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in shares of Penumbra by 7.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 118,828 shares of the company’s stock worth $29,893,000 after buying an additional 8,122 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Penumbra by 31.3% in the fourth quarter. Quadrant Capital Group LLC now owns 722 shares of the company’s stock worth $182,000 after buying an additional 172 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Penumbra in the fourth quarter worth $7,503,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Penumbra by 19.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock worth $66,697,000 after buying an additional 42,876 shares during the last quarter. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Penumbra in the fourth quarter worth $1,887,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.