Penumbra (NYSE:PEN) Given “Overweight” Rating at Piper Sandler

Penumbra (NYSE:PEN)‘s stock had its “overweight” rating restated by stock analysts at Piper Sandler in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $330.00 price objective on the stock, up from their previous price objective of $250.00. Piper Sandler’s target price would indicate a potential upside of 8.98% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Wednesday. BTIG Research raised their target price on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Wells Fargo & Company raised their target price on Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a report on Wednesday. Canaccord Genuity Group raised their target price on Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Robert W. Baird raised their target price on Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Stock Performance

NYSE PEN opened at $302.82 on Wednesday. The stock has a market cap of $11.62 billion, a PE ratio of 890.64, a P/E/G ratio of 1.99 and a beta of 0.53. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra has a twelve month low of $148.00 and a twelve month high of $310.00. The stock has a fifty day simple moving average of $257.15 and a 200-day simple moving average of $226.51.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. The business had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 9.73% and a net margin of 1.17%. Equities analysts anticipate that Penumbra will post 3.86 earnings per share for the current year.

Insider Activity

In other news, CAO Lambert Shiu sold 1,798 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $242.56, for a total transaction of $436,122.88. Following the sale, the chief accounting officer now owns 20,682 shares of the company’s stock, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their position. The sale was disclosed in a legal filing 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 dated Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the sale, the chief executive officer now directly owns 837,582 shares in the company, valued at $203,498,922.72. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,219 shares of company stock worth $4,426,439. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds and other institutional investors have recently made changes to their positions in the business. True Wealth Design LLC acquired a new stake in shares of Penumbra during the 3rd quarter worth about $26,000. UMB Bank n.a. increased its position in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares during the period. Hurley Capital LLC acquired a new position in Penumbra during the fourth quarter worth approximately $56,000. Huntington National Bank increased its position in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares during the period. Finally, Mather Group LLC. increased its position in Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after buying an additional 208 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.