Penumbra, Inc. (NYSE:PEN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Penumbra, Inc. (NYSE:PEN) have been given an average rating of “Moderate Buy” by the fourteen analysts that are currently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $220.17.

PEN has been the topic of a number of recent research reports. Royal Bank of Canada boosted 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. Morgan Stanley reduced their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report 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 shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Finally, Canaccord Genuity Group boosted their target price on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday.

Penumbra Trading Up 3.2 %

Shares of PEN stock opened at $208.65 on Monday. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of 613.68, a price-to-earnings-growth ratio of 2.41 and a beta of 0.54. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The firm’s 50 day moving average price is $196.52 and its two-hundred day moving average price is $194.38.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $299.40 million for the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. Penumbra’s revenue was up 14.5% compared to the same quarter last year. 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 EPS for the current year.

Penumbra announced that its board has authorized a stock repurchase plan on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now directly owns 8,697 shares of the company’s stock, valued at $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,368 shares of company stock worth $3,824,718. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently bought and sold shares of PEN. Blue Trust Inc. raised its holdings in Penumbra by 808.9% during the 3rd quarter. Blue Trust Inc. now owns 509 shares of the company’s stock worth $92,000 after buying an additional 453 shares during the period. Vontobel Holding Ltd. acquired a new stake in Penumbra during the 3rd quarter worth about $1,092,000. Creative Planning raised its holdings in Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after buying an additional 71 shares during the period. CWM LLC raised its holdings in Penumbra by 29.7% during the 3rd quarter. CWM LLC now owns 2,011 shares of the company’s stock worth $391,000 after buying an additional 461 shares during the period. Finally, Park Place Capital Corp raised its holdings in Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after buying an additional 339 shares during the period. 88.88% of the stock is owned by institutional investors and hedge funds.

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.