BTIG Research Raises Penumbra (NYSE:PEN) Price Target to $234.00

Penumbra (NYSE:PEN) had its price target hoisted by BTIG Research from $224.00 to $234.00 in a research report report published on Monday morning, Benzinga reports. BTIG Research currently has a buy rating on the stock.

A number of other equities analysts have also commented on the company. Royal Bank of Canada lifted their price objective on Penumbra from $205.00 to $222.00 and gave the stock an outperform rating in a research note on Tuesday, October 8th. Morgan Stanley dropped their price objective on Penumbra from $235.00 to $210.00 and set an equal weight rating on the stock in a research note on Monday, July 15th. Needham & Company LLC reissued a hold rating on shares of Penumbra in a research report on Wednesday, July 31st. Stifel Nicolaus initiated coverage on Penumbra in a research report on Tuesday, September 17th. They set a buy rating and a $238.00 target price on the stock. Finally, Robert W. Baird decreased their target price on Penumbra from $231.00 to $180.00 and set an outperform rating on the stock in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra currently has a consensus rating of Moderate Buy and a consensus price target of $213.17.

Penumbra Price Performance

NYSE PEN opened at $211.52 on Monday. 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 stock’s 50-day moving average is $193.55 and its two-hundred day moving average is $194.42. The firm has a market cap of $8.20 billion, a P/E ratio of 89.25, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $299.40 million for 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 firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. On average, analysts anticipate that Penumbra will post 2.59 earnings per share for the current fiscal year.

Penumbra announced that its board has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Penumbra

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Silvercrest Asset Management Group LLC raised its stake in shares of Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after acquiring an additional 55 shares during the last quarter. ProShare Advisors LLC raised its position in Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after purchasing an additional 62 shares during the last quarter. Creative Planning raised its position in Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after purchasing an additional 71 shares during the last quarter. Arcadia Investment Management Corp MI raised its position in Penumbra by 7.9% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after purchasing an additional 74 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. 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.