Wells Fargo & Company Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price target lifted by Wells Fargo & Company from $275.00 to $305.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. BTIG Research raised their target price on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler raised their target price on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Robert W. Baird lifted their price objective on shares of Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Truist Financial lifted their price objective on shares of Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Up 12.0 %

Penumbra stock opened at $303.55 on Wednesday. The company has a market cap of $11.65 billion, a P/E ratio of 352.97, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The company has a fifty day simple moving average of $256.15 and a 200 day simple moving average of $225.97. 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 (NYSE:PEN) last released its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The business had revenue of $315.52 million during the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Research analysts anticipate that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the sale, the director now owns 8,530 shares in the company, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,219 shares of company stock worth $4,426,439. 5.00% of the stock is owned by insiders.

Institutional Trading of Penumbra

Hedge funds and other institutional investors have recently bought and sold shares of the business. True Wealth Design LLC acquired a new stake in Penumbra in the 3rd quarter worth about $26,000. UMB Bank n.a. raised its stake in Penumbra by 57.4% in the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after purchasing an additional 70 shares in the last quarter. Hurley Capital LLC acquired a new stake in Penumbra in the 4th quarter worth about $56,000. Huntington National Bank raised its stake in Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after purchasing an additional 154 shares in the last quarter. Finally, Mather Group LLC. raised its stake in Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after purchasing an additional 208 shares in the last quarter. Institutional investors and hedge funds 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.