Penumbra’s (PEN) “Hold” Rating Reaffirmed at Needham & Company LLC

Penumbra (NYSE:PEN)‘s stock had its “hold” rating reissued by Needham & Company LLC in a report issued on Thursday, Benzinga reports.

PEN has been the subject of several other research reports. Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Stifel Nicolaus began coverage on Penumbra in a report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target for the company. BTIG Research increased their price objective on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Piper Sandler restated an “overweight” rating and set a $225.00 price target (up previously from $200.00) on shares of Penumbra in a research note on Friday, October 18th. Finally, Robert W. Baird decreased their price target on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.83.

Penumbra Price Performance

PEN opened at $211.19 on Thursday. The firm has a market capitalization of $8.20 billion, a PE ratio of 621.15, a price-to-earnings-growth ratio of 2.34 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The business’s 50-day moving average is $199.72 and its two-hundred day moving average is $193.55. Penumbra has a 1 year low of $148.00 and a 1 year high of $277.34.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. Penumbra’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.67 EPS. Research analysts anticipate that Penumbra will post 2.58 earnings per share for the current fiscal year.

Penumbra declared that its Board of Directors has initiated a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total transaction of $114,456.00. Following the transaction, the executive vice president now directly owns 60,488 shares in the company, valued at $11,538,690.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the sale, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,368 shares of company stock worth $6,893,118 over the last three months. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

Several large investors have recently added to or reduced their stakes in the stock. State of Michigan Retirement System boosted its position in shares of Penumbra by 3.3% during the 1st quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock valued at $2,123,000 after acquiring an additional 300 shares during the last quarter. Norden Group LLC acquired a new position in Penumbra in the first quarter valued at approximately $4,515,000. Retirement Systems of Alabama grew its holdings in shares of Penumbra by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock worth $10,817,000 after purchasing an additional 127 shares during the period. Janney Montgomery Scott LLC acquired a new position in Penumbra in the first quarter valued at about $689,000. Finally, Quent Capital LLC boosted its stake in Penumbra by 17,660.0% during the first quarter. Quent Capital LLC now owns 1,776 shares of the company’s stock worth $396,000 after buying an additional 1,766 shares during the period. 88.88% of the stock is currently 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.