Penumbra’s (PEN) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Penumbra (NYSE:PEN) in a research note released on Wednesday morning,Benzinga reports. They currently have a $330.00 target price on the stock, up from their previous target price of $250.00.

PEN has been the topic of a number of other research reports. Citigroup boosted their target price on shares of Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. BTIG Research boosted their target price on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Wells Fargo & Company boosted their target price on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Wednesday. Finally, Oppenheimer started coverage on shares of Penumbra in a research report on Tuesday, December 17th. They set an “outperform” rating and a $275.00 target price on the stock. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Up 12.0 %

Shares of NYSE PEN opened at $303.55 on Wednesday. The company has a market capitalization of $11.65 billion, a P/E ratio of 352.97, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53. Penumbra has a 52-week low of $148.00 and a 52-week high of $310.00. 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’s 50 day moving average price is $256.15 and its 200-day moving average price is $225.97.

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

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $242.96, for a total value of $3,644,400.00. Following the completion of the sale, the chief executive officer now owns 837,582 shares in the company, valued at $203,498,922.72. This represents a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the sale, the director now owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,219 shares of company stock worth $4,426,439 in the last quarter. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

Institutional investors have recently made changes to their positions in the company. True Wealth Design LLC bought a new stake in shares of Penumbra in the 3rd quarter worth $26,000. UMB Bank n.a. grew its position in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after buying an additional 70 shares during the period. Hurley Capital LLC bought a new position in Penumbra during the fourth quarter valued at about $56,000. Huntington National Bank grew its position in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after buying an additional 154 shares during the period. Finally, Mather Group LLC. grew its position in Penumbra by 208.0% during the fourth 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. 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.