Penumbra (NYSE:PEN) Price Target Raised to $260.00 at Morgan Stanley

Penumbra (NYSE:PEN) had its target price increased by Morgan Stanley from $240.00 to $260.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms also recently commented on PEN. UBS Group assumed coverage on shares of Penumbra in a research report on Tuesday, January 21st. They issued a “buy” rating and a $305.00 target price on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Wednesday. Piper Sandler boosted their target price on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Canaccord Genuity Group raised their price target on Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Citigroup boosted their price objective on Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Up 12.0 %

Shares of NYSE PEN opened at $303.55 on Wednesday. The business has a 50-day moving average of $256.15 and a two-hundred day moving average of $225.97. The company has a market capitalization of $11.65 billion, a price-to-earnings ratio of 352.97, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53. 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.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The firm had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. On average, analysts forecast that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the sale, the director now directly owns 8,530 shares in the company, valued at $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the transaction, the executive vice president now directly owns 63,444 shares in the company, valued at $15,511,423.56. This represents a 0.94 % 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 over the last quarter. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several institutional investors have recently made changes to their positions in the stock. Cache Advisors LLC acquired a new stake in shares of Penumbra in the fourth quarter valued at about $534,000. Public Employees Retirement System of Ohio increased its holdings in Penumbra by 6.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 22,399 shares of the company’s stock valued at $5,319,000 after buying an additional 1,316 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Penumbra by 14.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 111,500 shares of the company’s stock valued at $26,479,000 after acquiring an additional 13,929 shares during the period. Woodline Partners LP boosted its stake in shares of Penumbra by 396.0% during the 4th quarter. Woodline Partners LP now owns 25,323 shares of the company’s stock worth $6,014,000 after acquiring an additional 20,218 shares in the last quarter. Finally, Vident Advisory LLC acquired a new stake in shares of Penumbra in the 4th quarter worth approximately $212,000. 88.88% of the stock is currently 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.