BTIG Research Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price objective lifted by BTIG Research from $232.00 to $270.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on PEN. Royal Bank of Canada increased their target price on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Piper Sandler lifted their price objective on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Canaccord Genuity Group increased their target price on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $289.00 to $150.00 in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $230.92.

Penumbra Stock Up 1.7 %

Penumbra stock opened at $248.96 on Tuesday. The firm has a 50 day moving average price of $213.93 and a 200-day moving average price of $197.63. 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 has a twelve month low of $148.00 and a twelve month high of $277.34. The company has a market capitalization of $9.55 billion, a P/E ratio of 289.49, a P/E/G ratio of 2.48 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. During the same quarter in the prior year, the business earned $0.67 earnings per share. Penumbra’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Penumbra will post 2.79 EPS for the current year.

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

Insider Transactions at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total value of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The sale 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 Penumbra stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total transaction of $114,456.00. Following the transaction, the executive vice president now owns 60,488 shares of the company’s stock, valued at $11,538,690.88. The trade was a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,748 shares of company stock valued at $10,166,574. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several institutional investors and hedge funds have recently made changes to their positions in PEN. First Hawaiian Bank purchased a new position in Penumbra in the 2nd quarter worth about $1,597,000. Tidal Investments LLC grew its stake in shares of Penumbra by 276.9% in the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after acquiring an additional 3,652 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Penumbra during the second quarter valued at approximately $17,943,000. Thrivent Financial for Lutherans lifted its position in Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the period. Finally, Vontobel Holding Ltd. bought a new position in Penumbra during the third quarter valued at approximately $1,092,000. 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.