Canaccord Genuity Group Boosts Penumbra (NYSE:PEN) Price Target to $235.00

Penumbra (NYSE:PEN) had its price target upped by Canaccord Genuity Group from $176.00 to $235.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

PEN has been the subject of a number of other reports. Truist Financial upped their price objective on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday. Stifel Nicolaus assumed coverage on shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target for the company. Morgan Stanley lowered their price target on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Finally, Citigroup raised their target price on shares of 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $218.08.

Penumbra Trading Down 0.6 %

NYSE:PEN opened at $205.43 on Wednesday. The firm has a 50-day simple moving average of $195.09 and a 200-day simple moving average of $194.38. Penumbra has a one year low of $148.00 and a one year high of $277.34. The firm has a market cap of $7.96 billion, a P/E ratio of 86.68, a P/E/G ratio of 2.25 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. Penumbra’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Equities analysts anticipate that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra declared that its board has initiated a stock repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the sale, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the transaction, the executive vice president now owns 61,688 shares of the company’s stock, valued at $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,368 shares of company stock worth $3,824,718 in the last 90 days. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of institutional investors have recently modified their holdings of PEN. Vontobel Holding Ltd. purchased a new position in shares of Penumbra during the 3rd quarter valued at approximately $1,092,000. Creative Planning grew its position in Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after buying an additional 71 shares during the period. CWM LLC increased its holdings in Penumbra by 29.7% in the third quarter. CWM LLC now owns 2,011 shares of the company’s stock valued at $391,000 after buying an additional 461 shares in the last quarter. Park Place Capital Corp raised its position in shares of Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after acquiring an additional 339 shares during the period. Finally, Diversified Trust Co boosted its stake in shares of Penumbra by 22.8% during the 3rd quarter. Diversified Trust Co now owns 9,971 shares of the company’s stock worth $1,937,000 after acquiring an additional 1,852 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.