Oppenheimer Begins Coverage on Penumbra (NYSE:PEN)

Oppenheimer started coverage on shares of Penumbra (NYSE:PEN) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $275.00 price target on the stock. Oppenheimer’s price objective indicates a potential upside of 15.11% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada lifted their price target on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Leerink Partners started coverage on shares of Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price for the company. Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target for the company. Piper Sandler boosted their price objective on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Finally, BTIG Research increased their target price on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and a consensus target price of $258.00.

Penumbra Trading Down 3.5 %

NYSE:PEN opened at $238.90 on Tuesday. Penumbra has a one year low of $148.00 and a one year high of $277.34. The business has a fifty day moving average price of $230.34 and a 200-day moving average price of $202.94. The firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of 277.79, a price-to-earnings-growth ratio of 2.47 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same quarter in the prior year, the business posted $0.67 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Penumbra will post 2.81 EPS for the current year.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,418 shares of company stock valued at $10,624,973 in the last ninety days. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC grew its position in Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after acquiring an additional 121,465 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in shares of Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after purchasing an additional 264,122 shares during the period. State Street Corp grew its holdings in shares of Penumbra by 0.3% in the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after purchasing an additional 3,863 shares during the last quarter. RTW Investments LP increased its stake in Penumbra by 7.2% in the 3rd quarter. RTW Investments LP now owns 795,750 shares of the company’s stock worth $154,622,000 after buying an additional 53,645 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in Penumbra by 128.1% during the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after buying an additional 375,684 shares in the last quarter. 88.88% of the stock is 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.