Penumbra (NYSE:PEN) Price Target Raised to $313.00 at Royal Bank of Canada

Penumbra (NYSE:PEN) had its price target boosted by stock analysts at Royal Bank of Canada from $285.00 to $313.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 3.36% from the company’s current price.

A number of other equities analysts have also commented on the stock. UBS Group increased their price target on shares of Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $330.00 price target (up previously from $250.00) on shares of Penumbra in a report on Wednesday. Morgan Stanley increased their price target on shares of Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday. Finally, Truist Financial increased their price target on shares of Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Stock Performance

NYSE PEN opened at $302.82 on Wednesday. Penumbra has a 1 year low of $148.00 and a 1 year high of $310.00. 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 stock has a market capitalization of $11.62 billion, a PE ratio of 890.64, a P/E/G ratio of 1.99 and a beta of 0.53. The company’s 50 day simple moving average is $257.15 and its two-hundred day simple moving average is $226.51.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.73%. The business had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Analysts predict that Penumbra will post 3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $242.96, for a total value of $3,644,400.00. Following the sale, the chief executive officer now owns 837,582 shares of the company’s stock, valued at $203,498,922.72. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the sale, the director now directly owns 8,530 shares in the company, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock valued at $4,426,439 in the last quarter. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Institutional investors and hedge funds have recently modified their holdings of the stock. True Wealth Design LLC purchased a new stake in shares of Penumbra in the 3rd quarter worth about $26,000. UMB Bank n.a. lifted its position in shares of Penumbra by 57.4% in the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after purchasing an additional 70 shares during the period. Hurley Capital LLC purchased a new stake in shares of Penumbra in the 4th quarter worth about $56,000. Huntington National Bank lifted its position in shares of Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after purchasing an additional 154 shares during the period. Finally, Mather Group LLC. lifted its position in shares of Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after purchasing an additional 208 shares during the period. 88.88% of the stock is owned by hedge funds and other 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.