Brokerages Set Penumbra, Inc. (NYSE:PEN) Price Target at $230.92

Shares of Penumbra, Inc. (NYSE:PEN) have been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $230.92.

PEN has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. BTIG Research boosted their price objective on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler raised their target price on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Truist Financial upped their target price on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Leerink Partners initiated coverage on Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock.

Insiders Place Their Bets

In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was 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. This trade represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total value 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. This trade represents a 0.98 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 49,418 shares of company stock worth $10,624,973. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several hedge funds and other institutional investors have recently bought and sold shares of PEN. Janus Henderson Group PLC grew its stake in shares of Penumbra by 128.1% in the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after buying an additional 375,684 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Penumbra by 3,832.3% in the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after acquiring an additional 358,932 shares during the last quarter. Champlain Investment Partners LLC increased its stake in Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after acquiring an additional 264,122 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Penumbra in the third quarter valued at $31,965,000. Finally, Braidwell LP lifted its stake in shares of Penumbra by 70.0% in the 3rd quarter. Braidwell LP now owns 361,428 shares of the company’s stock valued at $70,229,000 after purchasing an additional 148,834 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Stock Down 2.6 %

Shares of NYSE PEN opened at $242.70 on Tuesday. Penumbra has a 52-week low of $148.00 and a 52-week high of $277.34. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 282.21, a PEG ratio of 2.47 and a beta of 0.51. The stock has a 50 day moving average price of $221.10 and a 200 day moving average price of $199.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.67 EPS. Sell-side analysts expect that Penumbra will post 2.81 earnings per share for the current year.

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

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.