Penumbra (NYSE:PEN) Stock Rating Reaffirmed by Needham & Company LLC

Penumbra (NYSE:PEN)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports.

PEN has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday. Canaccord Genuity Group decreased their target price on Penumbra from $284.00 to $272.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Truist Financial lowered their price target on Penumbra from $280.00 to $230.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. BTIG Research cut their price objective on Penumbra from $265.00 to $232.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Finally, Morgan Stanley lowered their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $193.60.

Penumbra Price Performance

PEN opened at $171.26 on Wednesday. The company has a fifty day moving average price of $184.57 and a two-hundred day moving average price of $215.18. The firm has a market capitalization of $6.65 billion, a PE ratio of 72.26, a P/E/G ratio of 1.69 and a beta of 0.55. Penumbra has a 52 week low of $148.00 and a 52 week high of $302.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.12.

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. The business had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 earnings per share. As a group, analysts anticipate that Penumbra will post 2.88 earnings per share for the current year.

Insider Buying and Selling at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares in the company, valued at $187,853,906.64. The sale was disclosed in a filing with the SEC, which is available through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $188.90, for a total value of $113,340.00. Following the transaction, the executive vice president now directly owns 62,888 shares in the company, valued at $11,879,543.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the sale, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. The disclosure for this sale can be found here. Insiders sold a total of 31,970 shares of company stock worth $6,428,404 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

Several hedge funds have recently added to or reduced their stakes in PEN. Dimensional Fund Advisors LP grew 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 valued at $29,893,000 after acquiring an additional 8,122 shares in the last quarter. Vanguard Group Inc. grew its position in Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after buying an additional 32,557 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Penumbra by 31.3% during the 4th quarter. Quadrant Capital Group LLC now owns 722 shares of the company’s stock worth $182,000 after acquiring an additional 172 shares during the period. Jennison Associates LLC acquired a new position in Penumbra in the fourth quarter valued at about $7,503,000. Finally, Allspring Global Investments Holdings LLC lifted its position in 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 purchasing an additional 42,876 shares during the period. 88.88% of the stock is 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.