Penumbra (NYSE:PEN) Stock Price Up 7.1% – Time to Buy?

Penumbra, Inc. (NYSE:PEN) shot up 7.1% during mid-day trading on Tuesday . The company traded as high as $257.36 and last traded at $254.07. 128,567 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 364,074 shares. The stock had previously closed at $237.28.

Analysts Set New Price Targets

Several research firms have commented on PEN. Stifel Nicolaus began coverage on shares of Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Truist Financial increased their price target on Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group raised their price target on Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a report on Monday, December 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Finally, Royal Bank of Canada raised their target price on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Penumbra currently has an average rating of “Moderate Buy” and a consensus price target of $258.00.

Penumbra Stock Up 9.3 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The company’s fifty day moving average price is $239.39 and its 200-day moving average price is $207.90. The stock has a market cap of $9.95 billion, a P/E ratio of 301.52, a price-to-earnings-growth ratio of 2.47 and a beta of 0.52.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. During the same quarter last year, the firm earned $0.67 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts forecast that Penumbra, Inc. will post 2.81 EPS for the current year.

Insider Buying and Selling

In related news, CAO Lambert Shiu sold 1,798 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $242.56, for a total value of $436,122.88. Following the completion of the sale, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the transaction, the chief executive officer now owns 867,582 shares in the company, valued at $177,472,573.92. The trade was a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 48,819 shares of company stock valued at $11,197,883. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Hedge funds have recently made changes to their positions in the company. True Wealth Design LLC bought a new stake in shares of Penumbra in the third quarter valued at about $26,000. GAMMA Investing LLC increased its position in Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares during the period. Park Place Capital Corp raised its holdings in shares of Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after purchasing an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of 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 purchasing an additional 43 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.