Penumbra, Inc. (NYSE:PEN) Receives $208.00 Consensus Target Price from Analysts

Shares of Penumbra, Inc. (NYSE:PEN) have been assigned an average recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $208.00.

PEN has been the subject of several research reports. Morgan Stanley reduced their price objective on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Leerink Partners assumed coverage on shares of Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price for the company. Canaccord Genuity Group dropped their price target on Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Finally, Piper Sandler cut their target price on Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the sale, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the sale, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,372 shares of company stock valued at $6,854,502. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. grew its position in Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after acquiring an additional 369 shares in the last quarter. Algert Global LLC boosted its holdings in Penumbra by 177.0% in the second quarter. Algert Global LLC now owns 28,118 shares of the company’s stock worth $5,060,000 after purchasing an additional 17,968 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Penumbra during the second quarter worth $4,033,000. The Manufacturers Life Insurance Company raised its holdings in Penumbra by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 106,815 shares of the company’s stock valued at $19,223,000 after buying an additional 3,683 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Penumbra by 439.8% during the second quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock valued at $31,283,000 after buying an additional 145,364 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

NYSE PEN opened at $186.89 on Thursday. Penumbra has a 12 month low of $148.00 and a 12 month high of $277.34. The firm has a market capitalization of $7.24 billion, a PE ratio of 78.86, a P/E/G ratio of 2.22 and a beta of 0.54. The company’s 50 day simple moving average is $190.34 and its 200 day simple moving average is $197.86. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. During the same quarter in the previous year, the business earned $0.43 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra announced that its board has approved a stock repurchase program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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.