Penumbra (NYSE:PEN) Shares Up 6.2% – Here’s What Happened

Penumbra, Inc. (NYSE:PEN) shares traded up 6.2% on Wednesday . The stock traded as high as $257.95 and last traded at $257.20. 19,574 shares were traded during mid-day trading, a decline of 95% from the average session volume of 373,301 shares. The stock had previously closed at $242.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PEN shares. Wells Fargo & Company upgraded shares of Penumbra from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $190.00 to $275.00 in a research note on Wednesday. Piper Sandler lifted their price objective on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Stifel Nicolaus started coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Finally, Royal Bank of Canada lifted their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $248.67.

Penumbra Stock Up 6.9 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The business’s fifty day simple moving average is $222.95 and its two-hundred day simple moving average is $200.29. The company has a market cap of $9.94 billion, a PE ratio of 301.43, a PEG ratio of 2.39 and a beta of 0.51.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The company had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share. On average, analysts predict that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Penumbra announced that its board has approved a share repurchase program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Penumbra

In related news, CAO Lambert Shiu sold 654 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $243.01, for a total transaction of $158,928.54. Following the transaction, the chief accounting officer now directly owns 20,028 shares in the company, valued at approximately $4,867,004.28. The trade was a 3.16 % decrease in their ownership of the stock. The transaction 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 dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the transaction, the executive vice president now owns 63,444 shares in the company, valued at $15,511,423.56. The trade was a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,418 shares of company stock valued at $10,624,973 over the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new position in Penumbra in the 2nd quarter valued at about $17,943,000. Thrivent Financial for Lutherans boosted its holdings in Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in Penumbra in the 3rd quarter valued at about $1,092,000. AlphaCentric Advisors LLC acquired a new position in Penumbra in the 3rd quarter valued at about $777,000. Finally, LMR Partners LLP acquired a new position in Penumbra in the 3rd quarter valued at about $2,330,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.