Wells Fargo & Company Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price target boosted by Wells Fargo & Company from $275.00 to $305.00 in a report issued on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on PEN. Citigroup raised their price objective on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. UBS Group started coverage on shares of Penumbra in a research note on Tuesday, January 21st. They set a “buy” rating and a $305.00 price objective on the stock. Oppenheimer started coverage on shares of Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target on the stock. Robert W. Baird lifted their price target on shares of Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Piper Sandler lifted their price target on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Price Performance

Shares of NYSE PEN opened at $292.52 on Wednesday. The stock has a market capitalization of $11.27 billion, a price-to-earnings ratio of 860.35, a PEG ratio of 2.23 and a beta of 0.53. Penumbra has a 12 month low of $148.00 and a 12 month high of $310.00. The firm’s 50 day simple moving average is $258.16 and its 200-day simple moving average is $227.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. Analysts expect that Penumbra will post 3.86 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction on Friday, November 29th. The stock was sold at an average price of $242.56, for a total transaction of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares in the company, valued at $5,016,625.92. The trade was a 8.00 % decrease in their position. The transaction was disclosed in a legal filing 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 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 owns 63,444 shares in the company, valued at approximately $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 in the last 90 days. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. purchased a new position in shares of Penumbra during the 4th quarter worth $573,000. State Street Corp raised its holdings 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 worth $240,298,000 after acquiring an additional 3,863 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Penumbra by 3,832.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after acquiring an additional 358,932 shares during the period. E. Ohman J or Asset Management AB raised its holdings in shares of Penumbra by 10.4% during the 4th quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock worth $5,061,000 after acquiring an additional 2,000 shares during the period. Finally, AlphaCentric Advisors LLC purchased a new position in shares of Penumbra during the 3rd quarter worth $777,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

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.