BTIG Research Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price objective raised by BTIG Research from $232.00 to $270.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently commented on the stock. Piper Sandler lifted their target price on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Canaccord Genuity Group lifted their price objective on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Finally, Truist Financial lifted their price objective on shares of Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $230.92.

Penumbra Stock Performance

Shares of PEN stock opened at $244.73 on Tuesday. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of 284.56, a PEG ratio of 2.46 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The company has a 50-day simple moving average of $216.76 and a 200 day simple moving average of $198.55. Penumbra has a 52 week low of $148.00 and a 52 week high of $277.34.

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

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

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $239.74, for a total transaction of $143,844.00. Following the transaction, the executive vice president now directly owns 64,044 shares of the company’s stock, valued at $15,353,908.56. This represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares in the company, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PEN. Silvercrest Asset Management Group LLC boosted its stake in Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after acquiring an additional 55 shares in the last quarter. Tidal Investments LLC raised its holdings in Penumbra by 276.9% during the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after buying an additional 3,652 shares during the last quarter. Virtu Financial LLC raised its holdings in shares of Penumbra by 61.6% in the first quarter. Virtu Financial LLC now owns 4,011 shares of the company’s stock valued at $895,000 after purchasing an additional 1,529 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Penumbra in the second quarter valued at about $1,597,000. Finally, CWM LLC raised its holdings in shares of Penumbra by 215.7% in the second quarter. CWM LLC now owns 1,550 shares of the company’s stock valued at $279,000 after purchasing an additional 1,059 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

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.