JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $230.00 to $285.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 7.68% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Robert W. Baird upped their target price on Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a report on Wednesday. Royal Bank of Canada raised their target price on shares of Penumbra from $285.00 to $313.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wells Fargo & Company boosted their price target on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. UBS Group raised their price objective on shares of Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Trading Up 13.9 %

Penumbra stock traded up $37.56 during trading hours on Wednesday, reaching $308.70. The stock had a trading volume of 1,130,631 shares, compared to its average volume of 500,756. The company has a fifty day simple moving average of $256.15 and a 200-day simple moving average of $225.97. Penumbra has a 52 week low of $148.00 and a 52 week high of $308.57. The stock has a market cap of $11.85 billion, a PE ratio of 358.95, a PEG ratio of 1.97 and a beta of 0.53. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. The company had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. Analysts forecast that Penumbra will post 2.81 EPS for the current fiscal year.

Insider Activity at Penumbra

In related news, CAO Lambert Shiu sold 1,798 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $242.56, for a total value of $436,122.88. Following the sale, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 167 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the transaction, the director now directly owns 8,530 shares in the company, valued at $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,219 shares of company stock valued at $4,426,439. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC increased its position in Penumbra by 2.1% in the third quarter. FMR LLC now owns 5,896,396 shares of the company’s stock worth $1,145,729,000 after buying an additional 121,465 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after acquiring an additional 264,122 shares during the last quarter. State Street Corp boosted its holdings in shares of Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after purchasing an additional 3,863 shares during the last quarter. RTW Investments LP grew its position in shares of Penumbra by 8.4% during the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after purchasing an additional 66,700 shares in the last quarter. Finally, Baillie Gifford & Co. increased its holdings in shares of Penumbra by 23.4% in the fourth quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after purchasing an additional 138,387 shares during the last quarter. Hedge funds and other 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.