Morgan Stanley Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price target hoisted by equities researchers at Morgan Stanley from $240.00 to $260.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential downside of 4.05% from the stock’s current price.

PEN has been the subject of several other reports. Robert W. Baird raised their target price on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler raised their target price on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. BTIG Research raised their target price on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup raised 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. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $270.64.

Penumbra Stock Performance

NYSE:PEN opened at $270.99 on Wednesday. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.89. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $255.58 and a 200-day moving average of $225.29. The firm has a market cap of $10.40 billion, a price-to-earnings ratio of 315.10, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Analysts forecast that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insider Activity at Penumbra

In related news, CAO Lambert Shiu sold 1,798 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares of the company’s stock, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 837,582 shares in the company, valued at approximately $203,498,922.72. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,219 shares of company stock valued at $4,426,439. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Penumbra by 2.1% in the third quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after purchasing an additional 121,465 shares during the period. Champlain Investment Partners LLC raised its position in shares of Penumbra by 20.6% in 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 during the period. State Street Corp raised its position in shares of Penumbra by 0.3% in the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after purchasing an additional 3,863 shares during the period. RTW Investments LP raised its position in shares of Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after purchasing an additional 66,700 shares during the period. Finally, Baillie Gifford & Co. raised its position in shares of Penumbra by 23.4% in the fourth quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after purchasing an additional 138,387 shares during the period. Institutional investors own 88.88% of the company’s stock.

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.