Piper Sandler Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price target upped by Piper Sandler from $225.00 to $235.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on PEN. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Royal Bank of Canada increased their target price on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a report on Thursday. Leerink Partners began coverage on Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective for the company. Finally, Citigroup boosted their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $226.67.

Penumbra Price Performance

Shares of PEN opened at $233.30 on Thursday. The stock has a market cap of $8.95 billion, a P/E ratio of 271.28, a price-to-earnings-growth ratio of 2.62 and a beta of 0.51. Penumbra has a 1 year low of $148.00 and a 1 year high of $277.34. The stock’s 50-day moving average price is $200.81 and its two-hundred day moving average price is $193.74. The company has a current ratio of 5.82, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The business had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 EPS. On average, equities analysts predict that Penumbra will post 2.58 earnings per share for the current year.

Penumbra declared that its board has authorized a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the transaction, the chief executive officer now owns 867,582 shares in the company, valued at $177,472,573.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the sale, the director now directly owns 8,863 shares in the company, valued at approximately $1,809,026.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the sale, the chief executive officer now directly owns 867,582 shares in the company, valued at $177,472,573.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,368 shares of company stock valued at $6,893,118 in the last three months. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Penumbra

A number of hedge funds have recently added to or reduced their stakes in the stock. State of Michigan Retirement System lifted its stake in shares of Penumbra by 3.3% in the 1st quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock valued at $2,123,000 after acquiring an additional 300 shares during the last quarter. Norden Group LLC bought a new position in Penumbra in the first quarter valued at about $4,515,000. Retirement Systems of Alabama boosted its stake in shares of Penumbra by 0.3% during the first quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock valued at $10,817,000 after purchasing an additional 127 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Penumbra during the 1st quarter worth approximately $689,000. Finally, Quent Capital LLC grew its holdings in Penumbra by 17,660.0% during the 1st quarter. Quent Capital LLC now owns 1,776 shares of the company’s stock worth $396,000 after acquiring an additional 1,766 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.