Penumbra (NYSE:PEN) Price Target Raised to $260.00 at Morgan Stanley

Penumbra (NYSE:PEN) had its target price increased by Morgan Stanley from $240.00 to $260.00 in a report published on Wednesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities analysts have also issued reports about the stock. Citigroup boosted their price target on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Robert W. Baird upped their price target on Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday. UBS Group began coverage on Penumbra in a research report on Tuesday, January 21st. They set a “buy” rating and a $305.00 price objective on the stock. Wells Fargo & Company upgraded Penumbra from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $190.00 to $275.00 in a report on Wednesday, December 11th. Finally, Truist Financial lifted their price target on Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Three equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $292.64.

Penumbra Price Performance

Shares of Penumbra stock opened at $303.55 on Wednesday. The stock has a market capitalization of $11.65 billion, a P/E ratio of 352.97, a PEG ratio of 1.97 and a beta of 0.53. The business has a 50 day simple moving average of $256.15 and a two-hundred day simple moving average of $225.97. Penumbra has a 12 month low of $148.00 and a 12 month high of $310.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.88 by $0.09. The firm had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. As a group, analysts predict that Penumbra will post 2.81 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Harpreet Grewal sold 167 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the transaction, the director now owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. This represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $244.49, for a total value of $146,694.00. Following the completion of the transaction, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,219 shares of company stock worth $4,426,439 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC purchased a new stake in shares of Penumbra during the third quarter worth $26,000. UMB Bank n.a. grew its stake in Penumbra by 57.4% during 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 purchased a new stake in Penumbra during the 4th quarter worth about $56,000. Huntington National Bank raised its position in Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after purchasing an additional 154 shares in the last quarter. Finally, Mather Group LLC. boosted its stake in shares of Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after buying an additional 208 shares during the period. Hedge funds and other institutional investors 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.