Penumbra (NYSE:PEN) Rating Increased to Strong-Buy at Leerink Partnrs

Leerink Partnrs upgraded shares of Penumbra (NYSE:PEN) to a strong-buy rating in a report released on Tuesday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Penumbra’s Q3 2024 earnings at $0.67 EPS, Q4 2024 earnings at $0.86 EPS, FY2024 earnings at $2.58 EPS, Q1 2025 earnings at $0.77 EPS, Q2 2025 earnings at $1.01 EPS, Q3 2025 earnings at $1.05 EPS, Q4 2025 earnings at $1.25 EPS, FY2025 earnings at $4.08 EPS, FY2026 earnings at $5.39 EPS, FY2027 earnings at $6.59 EPS and FY2028 earnings at $7.50 EPS.

Other research analysts have also recently issued reports about the stock. Piper Sandler reduced their target price on shares of Penumbra from $260.00 to $200.00 and set an overweight rating on the stock in a research report on Wednesday, July 31st. Leerink Partners began coverage on shares of Penumbra in a research report on Tuesday. They issued an outperform rating and a $263.00 price objective for the company. Royal Bank of Canada dropped their target price on Penumbra from $289.00 to $205.00 and set an outperform rating on the stock in a research report on Wednesday, July 31st. BTIG Research increased their price target on Penumbra from $187.00 to $224.00 and gave the company a buy rating in a report on Wednesday, August 28th. Finally, Robert W. Baird dropped their price objective on Penumbra from $231.00 to $180.00 and set an outperform rating on the stock in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $205.27.

Penumbra Stock Performance

Shares of PEN stock opened at $203.73 on Tuesday. The company’s fifty day simple moving average is $187.35 and its 200-day simple moving average is $202.79. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. Penumbra has a 52 week low of $148.00 and a 52 week high of $302.00. The company has a market cap of $7.91 billion, a PE ratio of 85.96, a P/E/G ratio of 2.26 and a beta of 0.54.

Penumbra (NYSE:PEN) last posted its earnings results 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. The business had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.43 earnings per share. As a group, equities research analysts anticipate that Penumbra will post 2.64 EPS for the current year.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $187,853,906.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the completion of 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the sale, the director now directly owns 8,863 shares in the company, valued at approximately $1,809,026.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,372 shares of company stock worth $3,888,852. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penumbra

Institutional investors have recently modified their holdings of the company. Silvercrest Asset Management Group LLC boosted its position in Penumbra by 3.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after acquiring an additional 55 shares during the period. ProShare Advisors LLC boosted its stake in shares of Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after buying an additional 62 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in shares of Penumbra by 171.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock worth $27,000 after purchasing an additional 67 shares in the last quarter. Arcadia Investment Management Corp MI raised its position in Penumbra by 7.9% during the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock valued at $181,000 after acquiring an additional 74 shares in the last quarter. Finally, M&T Bank Corp boosted its holdings in Penumbra by 9.4% in the fourth quarter. M&T Bank Corp now owns 1,380 shares of the company’s stock worth $347,000 after purchasing an additional 118 shares in the last quarter. 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.