Piper Sandler Boosts Penumbra (NYSE:PEN) Price Target to $250.00

Penumbra (NYSE:PEN) had its target price boosted by equities researchers at Piper Sandler from $235.00 to $250.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 4.10% from the company’s current price.

PEN has been the topic of a number of other research reports. Robert W. Baird boosted their target price on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada raised their target price on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $289.00 to $150.00 in a research note on Wednesday, July 31st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Trading Up 0.4 %

Shares of Penumbra stock opened at $240.15 on Wednesday. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of 279.24, a PEG ratio of 2.40 and a beta of 0.51. The stock has a 50 day moving average of $210.39 and a 200 day moving average of $197.02.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Penumbra’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 EPS. As a group, research analysts predict that Penumbra will post 2.79 earnings per share for the current year.

Penumbra announced that its Board of Directors has approved a share buyback plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the completion of the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at $1,659,648.51. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,748 shares of company stock worth $6,607,374. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PEN. True Wealth Design LLC purchased a new stake in shares of Penumbra during the 3rd quarter worth approximately $26,000. GAMMA Investing LLC lifted its position in Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares during the last quarter. WASHINGTON TRUST Co acquired a new position in Penumbra in the second quarter valued at $54,000. Park Place Capital Corp grew its holdings in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares in the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.