Penumbra (NYSE:PEN) Sees Strong Trading Volume – Time to Buy?

Penumbra, Inc. (NYSE:PEN) shares saw unusually-high trading volume on Monday . Approximately 175,370 shares were traded during mid-day trading, an increase of 18% from the previous session’s volume of 149,034 shares.The stock last traded at $250.14 and had previously closed at $241.97.

Analyst Upgrades and Downgrades

PEN has been the topic of a number of research analyst reports. BTIG Research lifted their target price on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup boosted their target price on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Robert W. Baird raised their target price on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Oppenheimer began coverage on Penumbra in a report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target on the stock. Finally, Truist Financial raised their price objective on Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus price target of $258.00.

Penumbra Trading Up 2.3 %

The company has a market cap of $9.90 billion, a PE ratio of 299.93, a PEG ratio of 2.47 and a beta of 0.52. 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 company has a 50 day simple moving average of $240.23 and a two-hundred day simple moving average of $208.42.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same period last year, the company posted $0.67 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Penumbra, Inc. will post 2.81 EPS for the current year.

Insider Activity

In related news, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the transaction, the director now directly owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $204.56, for a total value of $3,068,400.00. Following the sale, the chief executive officer now directly owns 867,582 shares of the company’s stock, valued at $177,472,573.92. The trade was a 1.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,819 shares of company stock worth $11,197,883 in the last three months. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp increased its position in Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after acquiring an additional 3,863 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Penumbra during the second quarter valued at about $17,943,000. Thrivent Financial for Lutherans raised its position 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 buying an additional 358,932 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in shares of Penumbra in the third quarter valued at about $1,092,000. Finally, AlphaCentric Advisors LLC acquired a new stake in Penumbra during the third quarter worth about $777,000. 88.88% of the stock is 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.