Penumbra (NYSE:PEN) Sees Strong Trading Volume – Here’s What Happened

Shares of Penumbra, Inc. (NYSE:PEN) saw strong trading volume on Monday . 175,370 shares traded hands during trading, an increase of 18% from the previous session’s volume of 149,034 shares.The stock last traded at $250.14 and had previously closed at $241.97.

Wall Street Analyst Weigh In

PEN has been the topic of several analyst reports. Stifel Nicolaus initiated coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Citigroup raised their price objective on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Canaccord Genuity Group boosted their target price on Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Robert W. Baird raised their price target on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $258.00.

Penumbra Stock Up 2.3 %

The firm has a 50 day moving average price of $240.23 and a 200-day moving average price of $208.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 299.93, a price-to-earnings-growth ratio of 2.47 and a beta of 0.52.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. During the same period in the prior year, the company posted $0.67 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts predict that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the transaction, the director now owns 8,530 shares of the company’s stock, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lambert Shiu sold 1,798 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares of the company’s stock, valued at approximately $5,016,625.92. This represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,819 shares of company stock valued at $11,197,883. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds have recently bought and sold shares of the company. Diversified Trust Co increased its position in shares of Penumbra by 3.0% in the 4th quarter. Diversified Trust Co now owns 10,269 shares of the company’s stock valued at $2,439,000 after buying an additional 298 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Penumbra in the fourth quarter valued at about $304,000. GAMMA Investing LLC increased its holdings in shares of Penumbra by 160.8% in the fourth quarter. GAMMA Investing LLC now owns 446 shares of the company’s stock worth $106,000 after acquiring an additional 275 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Penumbra by 8.2% during the third quarter. Franklin Resources Inc. now owns 319,232 shares of the company’s stock worth $67,473,000 after purchasing an additional 24,091 shares during the period. Finally, Tidal Investments LLC lifted its holdings in shares of Penumbra by 2.7% during the 3rd quarter. Tidal Investments LLC now owns 5,008 shares of the company’s stock valued at $973,000 after purchasing an additional 130 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.