Penumbra (NYSE:PEN) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Penumbra (NYSE:PEN) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

PEN has been the topic of a number of other reports. Piper Sandler reaffirmed an “overweight” rating and issued a $330.00 target price (up from $250.00) on shares of Penumbra in a research report on Wednesday. Oppenheimer initiated coverage on shares of Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target for the company. Wells Fargo & Company increased their price objective on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday. Finally, Morgan Stanley upped their target price on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Performance

Penumbra stock opened at $302.82 on Thursday. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The company has a market capitalization of $11.66 billion, a price-to-earnings ratio of 890.64, a price-to-earnings-growth ratio of 2.23 and a beta of 0.53. The firm’s fifty day moving average price is $257.15 and its 200 day moving average price is $226.51.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. The business had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. On average, research analysts forecast that Penumbra will post 3.86 EPS for the current fiscal year.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the completion of the transaction, the chief executive officer now owns 837,582 shares of the company’s stock, valued at approximately $203,498,922.72. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Lambert Shiu sold 1,798 shares of the 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 completion of the sale, the chief accounting officer now directly owns 20,682 shares in the company, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have 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

A number of hedge funds have recently made changes to their positions in PEN. Janus Henderson Group PLC raised its stake in Penumbra by 128.1% during the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after acquiring an additional 375,684 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the period. Champlain Investment Partners LLC raised its stake in shares of Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after purchasing an additional 264,122 shares in the last quarter. Norges Bank bought a new stake in shares of Penumbra during the fourth quarter valued at about $54,396,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in Penumbra by 47.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company’s stock worth $167,913,000 after purchasing an additional 227,506 shares during the period. Institutional investors own 88.88% of the company’s stock.

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.