Penumbra (NYSE:PEN) Price Target Raised to $248.00 at Robert W. Baird

Penumbra (NYSE:PEN) had its price objective increased by Robert W. Baird from $244.00 to $248.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also recently commented on the company. Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price for the company. Leerink Partners began coverage on Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. 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 report on Friday, October 18th. Finally, BTIG Research upped their price target on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Five 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $226.67.

Penumbra Price Performance

PEN traded up $4.93 during trading on Thursday, hitting $233.80. 117,711 shares of the stock traded hands, compared to its average volume of 382,305. The business has a 50 day moving average price of $200.35 and a 200 day moving average price of $193.80. The company has a market cap of $9.08 billion, a price-to-earnings ratio of 266.28, a PEG ratio of 2.42 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. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.85% and a net margin of 2.97%. The business had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the company posted $0.67 EPS. Penumbra’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Penumbra will post 2.58 earnings per share for the current fiscal year.

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

Insider Activity

In related news, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction 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 of the company’s stock, valued at $1,659,648.51. 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 through this link. In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,368 shares of company stock valued at $6,893,118. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in shares of Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new position in Penumbra during the 2nd quarter worth $54,000. Park Place Capital Corp increased its position in shares of Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Penumbra during the 1st quarter worth about $89,000. 88.88% of the stock is currently owned by 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.