Penumbra (NYSE:PEN) Given New $250.00 Price Target at Piper Sandler

Penumbra (NYSE:PEN) had its price objective lifted by Piper Sandler from $235.00 to $250.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

PEN has been the topic of a number of other research reports. Citigroup increased their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Canaccord Genuity Group increased their price objective on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Royal Bank of Canada increased their price target on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, BTIG Research boosted their price objective on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $227.92.

Penumbra Stock Performance

Shares of NYSE PEN opened at $244.95 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $211.55 and its 200-day moving average price is $197.25. Penumbra has a 52-week low of $148.00 and a 52-week high of $277.34. The company has a market cap of $9.40 billion, a PE ratio of 284.83, a PEG ratio of 2.44 and a beta of 0.51.

Penumbra (NYSE:PEN) last issued its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. The company had revenue of $301.04 million for 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 last year, the company posted $0.67 earnings per share. As a group, analysts anticipate that Penumbra will post 2.79 EPS for the current year.

Penumbra announced that its board has initiated a stock repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This trade represents a 0.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the sale, the director now owns 8,863 shares in the company, valued at approximately $1,809,026.93. The trade was a 8.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. True Wealth Design LLC bought a new position in Penumbra during the third quarter valued at approximately $26,000. GAMMA Investing LLC increased its stake in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after acquiring an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra during the 2nd quarter worth approximately $54,000. Park Place Capital Corp boosted its position in shares of Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after purchasing an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Company Profile

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.