Penumbra (NYSE:PEN) Trading Up 6.2% – What’s Next?

Penumbra, Inc. (NYSE:PEN) shot up 6.2% during mid-day trading on Wednesday . The stock traded as high as $257.95 and last traded at $257.20. 19,574 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 373,301 shares. The stock had previously closed at $242.27.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Canaccord Genuity Group upped their price target on shares of Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus assumed coverage on shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Truist Financial boosted their target price on shares of Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. BTIG Research boosted their target price on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada boosted their target price on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $248.67.

Penumbra Price Performance

The company has a market cap of $9.94 billion, a P/E ratio of 301.43, a P/E/G ratio of 2.39 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 firm’s fifty day moving average is $222.95 and its two-hundred day moving average is $200.29.

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

Penumbra declared that its board has approved a stock repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the sale, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This represents a 1.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total transaction of $114,456.00. Following the completion of the sale, the executive vice president now directly owns 60,488 shares in the company, valued at $11,538,690.88. This trade represents a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,418 shares of company stock valued at $10,624,973 in the last 90 days. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Institutional investors have recently bought and sold shares of the business. True Wealth Design LLC purchased a new position in Penumbra during the third quarter valued at approximately $26,000. GAMMA Investing LLC boosted its stake in Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares in the last quarter. Park Place Capital Corp boosted its stake in Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after acquiring an additional 43 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other 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.