Morgan Stanley Raises Penumbra (NYSE:PEN) Price Target to $260.00

Penumbra (NYSE:PEN) had its price objective upped by equities research analysts at Morgan Stanley from $240.00 to $260.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 14.14% from the stock’s current price.

PEN has been the subject of several other reports. Wells Fargo & Company upgraded Penumbra from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $190.00 to $275.00 in a research note on Wednesday, December 11th. Oppenheimer started coverage on Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price for the company. Truist Financial upped their target price on Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. UBS Group started coverage on Penumbra in a research note on Tuesday, January 21st. They issued a “buy” rating and a $305.00 target price for the company. Finally, Canaccord Genuity Group upped their target price on Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $292.64.

Penumbra Stock Performance

NYSE PEN opened at $302.82 on Wednesday. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $310.00. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of 890.64, a price-to-earnings-growth ratio of 1.99 and a beta of 0.53. The business has a fifty day moving average of $257.15 and a 200-day moving average of $226.51. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a return on equity of 9.73% and a net margin of 1.17%. The company had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. As a group, analysts predict that Penumbra will post 3.86 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the completion of the sale, the director now owns 8,530 shares of the company’s stock, valued at $2,058,118.40. This represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the completion of the sale, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at $15,511,423.56. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,219 shares of company stock valued at $4,426,439 over the last quarter. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC raised its stake in Penumbra by 6.6% during the fourth quarter. Quadrant Capital Group LLC now owns 632 shares of the company’s stock valued at $150,000 after buying an additional 39 shares in the last quarter. Pallas Capital Advisors LLC raised its stake in Penumbra by 3.8% during the fourth quarter. Pallas Capital Advisors LLC now owns 1,108 shares of the company’s stock valued at $263,000 after buying an additional 41 shares in the last quarter. Advisors Asset Management Inc. raised its stake in Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after buying an additional 43 shares in the last quarter. Baker Avenue Asset Management LP raised its stake in Penumbra by 1.6% during the fourth quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company’s stock valued at $791,000 after buying an additional 53 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in Penumbra by 1.0% during the fourth quarter. Pacer Advisors Inc. now owns 5,721 shares of the company’s stock valued at $1,359,000 after buying an additional 57 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.