Penumbra (NYSE:PEN) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Penumbra (NYSE:PEN) in a report published on Thursday morning, Benzinga reports.

PEN has been the topic of a number of other research reports. Royal Bank of Canada raised their price objective on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Citigroup lifted their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Truist Financial lifted their price target on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $225.00 price target (up previously from $200.00) on shares of Penumbra in a report on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $226.67.

Penumbra Stock Performance

Shares of NYSE PEN traded up $4.93 during mid-day trading on Thursday, hitting $233.80. The company had a trading volume of 117,711 shares, compared to its average volume of 382,305. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The stock’s 50-day moving average price is $200.35 and its 200-day moving average price is $193.80. Penumbra has a 1 year low of $148.00 and a 1 year high of $277.34. The company has a market capitalization of $9.08 billion, a price-to-earnings ratio of 266.28, a P/E/G ratio of 2.42 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.85% and a net margin of 2.97%. The firm had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. The company’s 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. On average, sell-side analysts forecast that Penumbra will post 2.58 earnings per share for the current year.

Penumbra declared that its board has authorized a stock repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the transaction, the chief executive officer now directly owns 925,962 shares in the company, valued at $185,192,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 61,688 shares of the company’s stock, valued at $10,855,854.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,368 shares of company stock valued at $6,893,118 in the last three months. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Penumbra

Several hedge funds have recently modified their holdings of PEN. AlphaCentric Advisors LLC acquired a new position in Penumbra during the third quarter worth $777,000. Diversify Wealth Management LLC bought a new position in shares of Penumbra in the 3rd quarter worth $246,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Penumbra during the third quarter valued at about $502,000. Pallas Capital Advisors LLC purchased a new stake in Penumbra in the 3rd quarter worth about $220,000. Finally, State of Alaska Department of Revenue increased its position in shares of Penumbra by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 4,490 shares of the company’s stock worth $872,000 after purchasing an additional 305 shares during 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.