Penumbra (NYSE:PEN) Given New $222.00 Price Target at Royal Bank of Canada

Penumbra (NYSE:PEN) had its price objective increased by Royal Bank of Canada from $205.00 to $222.00 in a report released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group cut their price objective on shares of Penumbra from $272.00 to $176.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Truist Financial reissued a buy rating and issued a $200.00 price objective (down from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Leerink Partners began coverage on Penumbra in a research report on Tuesday, September 3rd. They set an outperform rating and a $263.00 target price for the company. Needham & Company LLC reaffirmed a hold rating on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Morgan Stanley decreased 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. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $209.42.

Penumbra Stock Up 2.2 %

Shares of NYSE:PEN opened at $195.09 on Tuesday. The company has a market cap of $7.56 billion, a price-to-earnings ratio of 82.31, a PEG ratio of 2.20 and a beta of 0.54. Penumbra has a 12 month low of $148.00 and a 12 month high of $277.34. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $190.83 and a 200 day moving average price of $195.23.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. The business had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the company earned $0.43 EPS. As a group, equities research analysts predict that Penumbra will post 2.59 earnings per share for the current year.

Penumbra announced that its board 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 repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares in the company, valued at approximately $187,853,906.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,368 shares of company stock valued at $6,862,518 over the last three months. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Champlain Investment Partners LLC boosted its stake in Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after acquiring an additional 616,700 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Penumbra by 439.8% in the 2nd quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock worth $31,283,000 after purchasing an additional 145,364 shares in the last quarter. Braidwell LP grew its stake in Penumbra by 133.7% during the 4th quarter. Braidwell LP now owns 222,792 shares of the company’s stock worth $56,041,000 after buying an additional 127,477 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Penumbra by 96.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after buying an additional 126,392 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Penumbra in the second quarter worth about $17,943,000. 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.