Penumbra (NYSE:PEN) Stock Rating Reaffirmed by Needham & Company LLC

Penumbra (NYSE:PEN)‘s stock had its “hold” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports.

PEN has been the topic of a number of other reports. Morgan Stanley reduced their price target on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Piper Sandler dropped their price objective on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday. Canaccord Genuity Group dropped their price objective on shares of Penumbra from $284.00 to $272.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Truist Financial dropped their price objective on shares of Penumbra from $280.00 to $230.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. Finally, Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $289.00 to $150.00 in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $223.44.

Penumbra Trading Down 3.2 %

Shares of Penumbra stock opened at $172.76 on Wednesday. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 72.89, a PEG ratio of 1.80 and a beta of 0.55. The company has a quick ratio of 3.51, a current ratio of 6.12 and a debt-to-equity ratio of 0.02. Penumbra has a 12-month low of $170.59 and a 12-month high of $310.51. The firm’s 50-day moving average price is $185.60 and its two-hundred day moving average price is $215.83.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 8.52% and a return on equity of 7.83%. The firm had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. During the same period in the prior year, the company posted $0.43 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, analysts forecast that Penumbra will post 2.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $207.41, for a total value of $124,446.00. Following the transaction, the executive vice president now directly owns 63,488 shares of the company’s stock, valued at $13,168,046.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $207.41, for a total value of $124,446.00. Following the transaction, the executive vice president now directly owns 63,488 shares of the company’s stock, valued at $13,168,046.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the completion of the transaction, the chief executive officer now directly owns 942,582 shares in the company, valued at $189,440,130.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,970 shares of company stock valued at $6,428,404. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Penumbra by 7.3% during 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Penumbra by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Penumbra by 31.3% during the fourth quarter. Quadrant Capital Group LLC now owns 722 shares of the company’s stock valued at $182,000 after purchasing an additional 172 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Penumbra during the fourth quarter valued at about $7,503,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Penumbra by 19.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after purchasing an additional 42,876 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.