Penumbra (NYSE:PEN) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Penumbra (NYSE:PEN) in a report published on Wednesday,Benzinga reports. The firm currently has a $330.00 price target on the stock, up from their previous price target of $250.00.

Several other research firms also recently commented on PEN. Morgan Stanley upped their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a report on Wednesday. Robert W. Baird increased their price target on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday. Oppenheimer started coverage on shares of Penumbra in a report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target on the stock. BTIG Research increased their price target on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company increased their price target on shares of Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Price Performance

PEN opened at $303.55 on Wednesday. The firm has a market cap of $11.65 billion, a P/E ratio of 352.97, a PEG ratio of 1.97 and a beta of 0.53. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $310.00. 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 firm has a 50-day moving average of $256.15 and a 200 day moving average of $225.97.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. On average, research analysts expect that Penumbra will post 2.81 EPS for the current year.

Insider Activity at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 167 shares of the 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 directly owns 8,530 shares in the company, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $244.49, for a total transaction of $146,694.00. Following the transaction, the executive vice president now owns 63,444 shares in the company, valued at $15,511,423.56. The trade was a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,219 shares of company stock valued at $4,426,439 over the last three months. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PEN. 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 acquiring an additional 71 shares during the last quarter. Blue Trust Inc. grew its position in Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock valued at $92,000 after acquiring an additional 453 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Penumbra by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock valued at $41,604,000 after acquiring an additional 3,973 shares during the last quarter. Bank Pictet & Cie Europe AG bought a new position in shares of Penumbra in the third quarter worth approximately $244,000. Finally, E. Ohman J or Asset Management AB grew its holdings in shares of Penumbra by 26.1% in the third quarter. E. Ohman J or Asset Management AB now owns 19,312 shares of the company’s stock worth $3,753,000 after purchasing an additional 4,000 shares during the last quarter. 88.88% of the stock is currently 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.