Citigroup Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price objective hoisted by analysts at Citigroup from $220.00 to $245.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential downside of 4.74% from the stock’s previous close.

Several other equities analysts have also issued reports on PEN. Wells Fargo & Company upgraded Penumbra from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $190.00 to $275.00 in a research note on Wednesday. Stifel Nicolaus initiated coverage on Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Piper Sandler boosted their price target on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Robert W. Baird increased their price objective on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, BTIG Research upped their price objective on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and an average target price of $252.42.

Penumbra Price Performance

Shares of PEN stock traded up $14.93 during mid-day trading on Wednesday, hitting $257.20. 277,534 shares of the stock traded hands, compared to its average volume of 374,354. The company’s 50-day simple moving average is $222.95 and its 200-day simple moving average is $200.29. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 299.07, a price-to-earnings-growth 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.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company 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 company’s revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Penumbra will post 2.81 earnings per share for the current year.

Penumbra declared that its Board of Directors has approved a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to reacquire 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 shares are undervalued.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PEN. FMR LLC boosted its stake in shares of Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock worth $1,145,729,000 after buying an additional 121,465 shares during the last quarter. Champlain Investment Partners LLC grew its stake in Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after purchasing an additional 264,122 shares during the period. State Street Corp increased its position in shares of Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after purchasing an additional 3,863 shares during the last quarter. RTW Investments LP raised its position in Penumbra by 7.2% in the third quarter. RTW Investments LP now owns 795,750 shares of the company’s stock worth $154,622,000 after acquiring an additional 53,645 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Penumbra by 128.1% in the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after acquiring an additional 375,684 shares during the period. 88.88% of the stock is owned by 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.