Penumbra’s (PEN) “Buy” Rating Reaffirmed at Truist Financial

Penumbra (NYSE:PEN)‘s stock had its “buy” rating reiterated by analysts at Truist Financial in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $200.00 target price on the stock, down from their previous target price of $230.00. Truist Financial’s target price points to a potential upside of 17.63% from the company’s current price.

Several other brokerages have also recently issued reports on PEN. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $289.00 to $150.00 in a research report on Wednesday. Canaccord Genuity Group cut their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a research note on Wednesday. BTIG Research dropped their price objective on shares of Penumbra from $265.00 to $232.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday. Finally, Piper Sandler lowered their target price on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Penumbra currently has a consensus rating of “Hold” and an average target price of $209.44.

Penumbra Stock Performance

Shares of Penumbra stock traded down $3.06 during trading on Wednesday, hitting $170.03. 955,542 shares of the stock were exchanged, compared to its average volume of 356,036. The stock has a market capitalization of $6.59 billion, a price-to-earnings ratio of 72.59, a price-to-earnings-growth ratio of 1.80 and a beta of 0.55. The company has a current ratio of 6.12, a quick ratio of 3.51 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average price of $185.60 and a 200-day moving average price of $215.83. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 8.52% and a return on equity of 7.83%. The firm had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. During the same quarter in the previous year, the firm posted $0.43 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts predict that Penumbra will post 2.88 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $207.41, for a total transaction of $124,446.00. Following the transaction, the executive vice president now directly owns 63,488 shares of the company’s stock, valued at $13,168,046.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the transaction, the chief executive officer now directly owns 942,582 shares of the company’s stock, valued at approximately $189,440,130.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $207.41, for a total transaction of $124,446.00. Following the transaction, the executive vice president now directly owns 63,488 shares in the company, valued at $13,168,046.08. The disclosure for this sale can be found here. Insiders sold a total of 31,970 shares of company stock worth $6,428,404 over the last three months. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after buying an additional 32,557 shares in the last quarter. Champlain Investment Partners LLC lifted its stake in Penumbra by 131.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after acquiring an additional 616,700 shares during the period. William Blair Investment Management LLC lifted its stake in Penumbra by 12.2% during the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after acquiring an additional 90,444 shares during the period. Norges Bank bought a new position in shares of Penumbra in the 4th quarter worth approximately $85,222,000. Finally, Bank of New York Mellon Corp raised its stake in Penumbra by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock worth $58,906,000 after acquiring an additional 4,814 shares during the period. 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.