Penumbra (NYSE:PEN) Price Target Raised to $235.00 at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its price target boosted by Canaccord Genuity Group from $176.00 to $235.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Robert W. Baird dropped their price objective on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Leerink Partners began coverage on Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price on the stock. Morgan Stanley dropped their price target on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Finally, Piper Sandler reduced their price objective 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. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.08.

Penumbra Stock Performance

Shares of PEN opened at $205.43 on Wednesday. Penumbra has a 52 week low of $148.00 and a 52 week high of $277.34. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.96 billion, a price-to-earnings ratio of 86.68, a PEG ratio of 2.25 and a beta of 0.54. The business has a 50-day simple moving average of $195.09 and a two-hundred day simple moving average of $194.38.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. During the same period in the prior year, the firm posted $0.43 EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts expect that Penumbra will post 2.59 EPS for the current year.

Penumbra announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the sale, the executive vice president now owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the transaction, the executive vice president now owns 61,688 shares in the company, valued at $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,368 shares of company stock valued at $3,824,718 over the last three months. 5.00% of the stock is owned by company insiders.

Institutional Trading of Penumbra

A number of hedge funds and other institutional investors have recently bought and sold shares of PEN. Vanguard Group Inc. grew its holdings in shares of Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the last quarter. First Hawaiian Bank bought a new position in Penumbra in the 2nd quarter worth about $1,597,000. Jennison Associates LLC grew its stake in Penumbra by 192.1% in the 1st quarter. Jennison Associates LLC now owns 87,139 shares of the company’s stock worth $19,448,000 after acquiring an additional 57,310 shares in the last quarter. Tidal Investments LLC increased its position in shares of Penumbra by 276.9% during the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after acquiring an additional 3,652 shares during the period. Finally, Blair William & Co. IL raised its stake in shares of Penumbra by 24.3% during the first quarter. Blair William & Co. IL now owns 16,674 shares of the company’s stock valued at $3,721,000 after acquiring an additional 3,257 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

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.