Piper Sandler Raises Penumbra (NYSE:PEN) Price Target to $235.00

Penumbra (NYSE:PEN) had its target price increased by investment analysts at Piper Sandler from $225.00 to $235.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 0.69% from the stock’s current price.

Several other brokerages have also recently issued reports on PEN. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Thursday. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Morgan Stanley dropped their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. BTIG Research boosted their price target on Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Canaccord Genuity Group raised their price objective on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $226.67.

Penumbra Price Performance

Shares of PEN stock opened at $233.38 on Thursday. The company has a market capitalization of $9.06 billion, a P/E ratio of 271.37, a P/E/G ratio of 2.42 and a beta of 0.54. The company’s 50-day simple moving average is $200.81 and its two-hundred day simple moving average is $193.96. Penumbra has a one year low of $148.00 and a one year high of $277.34. 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 announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. The company had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a return on equity of 8.85% and a net margin of 2.97%. Penumbra’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 earnings per share. As a group, equities analysts anticipate that Penumbra will post 2.58 EPS for the current year.

Penumbra declared that its board has initiated a stock buyback plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,368 shares of company stock valued at $6,893,118 in the last three months. 5.00% of the stock is owned by insiders.

Institutional Trading of Penumbra

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the period. First Hawaiian Bank acquired a new stake in shares of Penumbra during the 2nd quarter valued at about $1,597,000. Jennison Associates LLC increased its stake in shares of Penumbra by 192.1% in the 1st quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock valued at $19,448,000 after purchasing an additional 57,310 shares in the last quarter. Tidal Investments LLC raised its holdings in Penumbra by 276.9% in the 1st quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after purchasing an additional 3,652 shares during the period. Finally, Blair William & Co. IL boosted its position in Penumbra by 24.3% during the first quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock worth $3,721,000 after purchasing an additional 3,257 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.