Brokerages Set Penumbra, Inc. (NYSE:PEN) Price Target at $208.00

Penumbra, Inc. (NYSE:PEN) has been given an average rating of “Moderate Buy” by the fourteen analysts that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $208.00.

Several analysts have commented on the stock. Citigroup raised their price objective on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Leerink Partners assumed coverage on shares of Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target on the stock. Finally, BTIG Research boosted their price objective on shares of Penumbra from $187.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 782 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total transaction of $159,614.02. Following the transaction, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Harpreet Grewal sold 782 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the transaction, the director now owns 8,863 shares of the company’s stock, valued at $1,809,026.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now owns 927,582 shares in the company, valued at $187,853,906.64. The disclosure for this sale can be found here. Insiders have sold a total of 19,372 shares of company stock worth $3,888,852 in the last three months. Insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after acquiring an additional 32,557 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in 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 purchasing an additional 8,122 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Penumbra during the second quarter valued at about $1,597,000. Jennison Associates LLC lifted its position in shares of Penumbra by 192.1% during the first quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock valued at $19,448,000 after buying an additional 57,310 shares during the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in shares of Penumbra in the 4th quarter valued at about $1,887,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Stock Performance

Penumbra stock opened at $194.90 on Thursday. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The firm has a market cap of $7.56 billion, a P/E ratio of 82.24, a P/E/G ratio of 2.10 and a beta of 0.54. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The firm has a 50-day moving average of $190.45 and a 200-day moving average of $198.23.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter last year, the business posted $0.43 EPS. The business’s revenue was up 14.5% on a year-over-year basis. Sell-side analysts expect that Penumbra will post 2.63 EPS for the current year.

Penumbra declared that its board has approved a stock repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.