Morgan Stanley Trims Penumbra (NYSE:PEN) Target Price to $210.00

Penumbra (NYSE:PEN) had its price target trimmed by Morgan Stanley from $235.00 to $210.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the company. Truist Financial reduced their price objective on Penumbra from $290.00 to $280.00 and set a buy rating for the company in a research note on Friday, March 22nd. Citigroup decreased their price target on shares of Penumbra from $300.00 to $265.00 and set a buy rating for the company in a report on Wednesday, July 10th. Needham & Company LLC reiterated a hold rating on shares of Penumbra in a research note on Wednesday, May 8th. Canaccord Genuity Group decreased their target price on shares of Penumbra from $284.00 to $272.00 and set a buy rating for the company in a research note on Wednesday, May 8th. Finally, Piper Sandler dropped their price target on shares of Penumbra from $290.00 to $260.00 and set an overweight rating on the stock in a research note on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Penumbra presently has an average rating of Moderate Buy and a consensus price target of $260.56.

Penumbra Stock Performance

Penumbra stock opened at $190.81 on Monday. Penumbra has a fifty-two week low of $170.59 and a fifty-two week high of $319.67. The firm’s 50 day simple moving average is $188.67 and its 200-day simple moving average is $219.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.12 and a quick ratio of 3.51. The company has a market cap of $7.40 billion, a P/E ratio of 80.51, a price-to-earnings-growth ratio of 1.98 and a beta of 0.55.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). The firm had revenue of $278.70 million for the quarter, compared to analysts’ expectations of $274.94 million. Penumbra had a return on equity of 7.83% and a net margin of 8.52%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share. As a group, equities research analysts predict that Penumbra will post 2.88 EPS for the current year.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the transaction, the chief executive officer now owns 942,582 shares in the company, valued at $189,440,130.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the sale, the chief executive officer now directly owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $188.90, for a total value of $113,340.00. Following the completion of the sale, the executive vice president now directly owns 62,888 shares in the company, valued at approximately $11,879,543.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,970 shares of company stock valued at $3,390,604. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Portside Wealth Group LLC acquired a new stake in Penumbra during the second quarter worth about $396,000. 17 Capital Partners LLC grew its holdings in shares of Penumbra by 11.7% during the 2nd quarter. 17 Capital Partners LLC now owns 1,431 shares of the company’s stock worth $258,000 after purchasing an additional 150 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Penumbra by 215.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,408 shares of the company’s stock valued at $613,000 after purchasing an additional 2,326 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Penumbra during the second quarter valued at approximately $233,000. Finally, Diversified Trust Co raised its stake in shares of Penumbra by 20.8% in the second quarter. Diversified Trust Co now owns 8,119 shares of the company’s stock valued at $1,461,000 after purchasing an additional 1,399 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.