Piper Sandler Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective raised by equities research analysts at Piper Sandler from $235.00 to $250.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 4.10% from the stock’s previous close.

Several other equities research analysts also recently weighed in on PEN. Leerink Partners started coverage on Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price target on the stock. Truist Financial increased their target price on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Royal Bank of Canada boosted their target price on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Robert W. Baird upped their price target on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, BTIG Research lifted their price objective on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and an average price target of $227.92.

Penumbra Trading Up 0.4 %

Shares of PEN opened at $240.15 on Wednesday. The stock has a market capitalization of $9.22 billion, a PE ratio of 279.24, a P/E/G ratio of 2.40 and a beta of 0.51. The company’s fifty day moving average is $210.39 and its 200 day moving average is $197.02. 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 has a fifty-two week low of $148.00 and a fifty-two week high of $277.34.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. During the same period in the previous year, the firm posted $0.67 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts expect that Penumbra will post 2.79 earnings per share for the current fiscal year.

Penumbra declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Penumbra news, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the transaction, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. This trade represents a 8.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares of the company’s stock, valued at $174,495,287.22. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,748 shares of company stock valued at $6,607,374. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently modified their holdings of PEN. Vanguard Group Inc. lifted its holdings in shares of Penumbra by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after buying an additional 32,557 shares during the period. CANADA LIFE ASSURANCE Co raised its position in Penumbra by 2.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 29,054 shares of the company’s stock valued at $6,490,000 after acquiring an additional 559 shares in the last quarter. EntryPoint Capital LLC lifted its holdings in Penumbra by 562.8% in the first quarter. EntryPoint Capital LLC now owns 517 shares of the company’s stock valued at $115,000 after acquiring an additional 439 shares during the period. First Light Asset Management LLC purchased a new stake in Penumbra in the 1st quarter worth approximately $8,471,000. Finally, Silvercrest Asset Management Group LLC grew its stake in shares of Penumbra by 3.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after purchasing an additional 55 shares during the period. Institutional investors and hedge funds 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.