Penumbra (NYSE:PEN) PT Lowered to $187.00

Penumbra (NYSE:PEN) had its price target decreased by stock analysts at BTIG Research from $232.00 to $187.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 9.63% from the company’s current price.

PEN has been the topic of several other research reports. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $289.00 to $150.00 in a report on Wednesday. Canaccord Genuity Group cut their price target on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley dropped their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Piper Sandler dropped their target price on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Penumbra has an average rating of “Moderate Buy” and a consensus price target of $193.60.

Penumbra Stock Performance

NYSE:PEN traded down $2.51 on Wednesday, reaching $170.58. 1,883,608 shares of the company’s stock were exchanged, compared to its average volume of 363,155. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.12 and a quick ratio of 3.51. The firm has a market cap of $6.61 billion, a price-to-earnings ratio of 71.78, a P/E/G ratio of 1.80 and a beta of 0.55. Penumbra has a 52 week low of $148.00 and a 52 week high of $310.51. The stock has a fifty day simple moving average of $185.60 and a 200-day simple moving average of $215.83.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 8.52% and a return on equity of 7.83%. The company had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. During the same period last year, the business earned $0.43 earnings per share. Penumbra’s revenue was up 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Penumbra will post 2.88 earnings per share for the current year.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $207.41, for a total transaction of $124,446.00. Following the completion of the transaction, the executive vice president now directly owns 63,488 shares in the company, valued at approximately $13,168,046.08. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the completion of the transaction, the chief executive officer now directly owns 942,582 shares in the company, valued at approximately $189,440,130.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $207.41, for a total value of $124,446.00. Following the completion of the transaction, the executive vice president now owns 63,488 shares of the company’s stock, valued at $13,168,046.08. The disclosure for this sale can be found here. Insiders sold 31,970 shares of company stock valued at $6,428,404 in the last quarter. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC bought a new position in shares of Penumbra during the 2nd quarter valued at approximately $215,000. Hantz Financial Services Inc. purchased a new stake in Penumbra during the 2nd quarter valued at $9,810,000. Argonautica Private Wealth Management Inc. purchased a new stake in Penumbra during the 2nd quarter valued at $730,000. Allspring Global Investments Holdings LLC lifted its position in shares of Penumbra by 11.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 210,140 shares of the company’s stock worth $37,819,000 after purchasing an additional 21,741 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Penumbra by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after purchasing an additional 4,814 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors.

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.