Truist Financial Boosts Penumbra (NYSE:PEN) Price Target to $285.00

Penumbra (NYSE:PEN) had its price target upped by research analysts at Truist Financial from $240.00 to $285.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 17.03% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Stifel Nicolaus started coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. BTIG Research boosted their price target on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Leerink Partners assumed coverage on Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective on the stock. Finally, Wells Fargo & Company raised shares of Penumbra from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $190.00 to $275.00 in a report on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and an average target price of $258.00.

Penumbra Price Performance

PEN stock opened at $243.52 on Wednesday. The stock has a market capitalization of $9.35 billion, a price-to-earnings ratio of 283.16, a price-to-earnings-growth ratio of 2.47 and a beta of 0.51. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. Penumbra has a 52-week low of $148.00 and a 52-week high of $277.34. The stock’s fifty day simple moving average is $231.36 and its 200-day simple moving average is $203.22.

Penumbra (NYSE:PEN) last released 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 business 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 company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $0.67 earnings per share. Equities research analysts expect that Penumbra will post 2.81 EPS for the current year.

Insider Buying and Selling at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the completion of the transaction, the chief executive officer now directly owns 867,582 shares of the company’s stock, valued at $177,472,573.92. This represents a 1.70 % 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 166 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares in the company, 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. Over the last 90 days, insiders have sold 34,418 shares of company stock worth $7,659,323. 5.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Penumbra

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC increased its stake 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 during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Penumbra by 3,832.3% in the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after acquiring an additional 358,932 shares in the last quarter. Champlain Investment Partners LLC increased 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 acquiring an additional 264,122 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Penumbra during the third quarter worth approximately $31,965,000. Finally, Braidwell LP raised its holdings in Penumbra by 70.0% during the third quarter. Braidwell LP now owns 361,428 shares of the company’s stock worth $70,229,000 after purchasing an additional 148,834 shares in the last quarter. 88.88% of the stock is currently 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.