Penumbra (NYSE:PEN) Price Target Raised to $340.00 at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its price objective increased by Canaccord Genuity Group from $323.00 to $340.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. BTIG Research raised their price objective on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Morgan Stanley raised their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company raised their price objective on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Wednesday. Robert W. Baird raised their price objective 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 reaffirmed an “overweight” rating and issued a $330.00 price objective (up from $250.00) on shares of Penumbra in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Stock Up 12.0 %

Shares of NYSE PEN opened at $303.55 on Wednesday. The firm has a market cap of $11.65 billion, a PE ratio of 352.97, a P/E/G ratio of 1.97 and a beta of 0.53. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The company’s fifty day simple moving average is $256.15 and its 200 day simple moving average is $225.97. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. As a group, sell-side analysts forecast that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Lambert Shiu sold 1,798 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the completion of the sale, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the firm’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 sale, the executive vice president now owns 63,444 shares of the company’s stock, valued at $15,511,423.56. This trade represents a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,219 shares of company stock worth $4,426,439 over the last quarter. Insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Large investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC purchased a new stake in Penumbra during the third quarter worth about $26,000. UMB Bank n.a. increased its holdings in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares during the last quarter. Hurley Capital LLC purchased a new stake in Penumbra during the fourth quarter worth about $56,000. Huntington National Bank increased its holdings in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares during the last quarter. Finally, Mather Group LLC. increased its holdings in Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after buying an additional 208 shares during the last quarter. 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.