Penumbra (NYSE:PEN) Hits New 12-Month High After Analyst Upgrade

Penumbra, Inc. (NYSE:PEN)’s share price hit a new 52-week high during trading on Thursday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $370.00 price target on the stock, up from their previous price target of $275.00. Penumbra traded as high as $320.00 and last traded at $311.6410, with a volume of 50844 shares changing hands. The stock had previously closed at $309.26.

A number of other research analysts have also recently weighed in on the company. Wall Street Zen cut Penumbra from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Truist Financial dropped their price objective on shares of Penumbra from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. Needham & Company LLC boosted their price target on shares of Penumbra from $326.00 to $388.00 and gave the company a “buy” rating in a report on Wednesday. BTIG Research restated a “buy” rating and issued a $320.00 target price on shares of Penumbra in a research report on Monday, October 27th. Finally, Wells Fargo & Company began coverage on shares of Penumbra in a research note on Tuesday, November 18th. They set an “underweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.80.

Insider Activity

In other Penumbra news, EVP Johanna Roberts sold 1,800 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $300.06, for a total value of $540,108.00. Following the sale, the executive vice president owned 64,736 shares of the company’s stock, valued at $19,424,684.16. The trade was a 2.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Arani Bose sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $308.82, for a total transaction of $4,632,300.00. Following the sale, the director directly owned 258,462 shares of the company’s stock, valued at approximately $79,818,234.84. The trade was a 5.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,744 shares of company stock valued at $10,387,474 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PEN. Machina Capital S.A.S. bought a new position in shares of Penumbra in the 2nd quarter valued at $369,000. First Trust Advisors LP boosted its holdings in shares of Penumbra by 4.0% during the 2nd quarter. First Trust Advisors LP now owns 100,723 shares of the company’s stock worth $25,849,000 after buying an additional 3,906 shares in the last quarter. Fortis Capital Advisors LLC acquired a new position in shares of Penumbra during the first quarter valued at about $732,000. Belpointe Asset Management LLC acquired a new stake in Penumbra in the first quarter valued at approximately $732,000. Finally, Janney Montgomery Scott LLC increased its stake in Penumbra by 716.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 24,749 shares of the company’s stock valued at $6,351,000 after purchasing an additional 21,718 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Performance

The company has a current ratio of 6.73, a quick ratio of 4.18 and a debt-to-equity ratio of 0.02. The firm has a market cap of $12.19 billion, a P/E ratio of 74.48, a PEG ratio of 2.54 and a beta of 0.66. The company’s 50-day moving average is $272.30 and its two-hundred day moving average is $260.05.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.07. Penumbra had a return on equity of 11.35% and a net margin of 12.30%.The company had revenue of $354.69 million during the quarter, compared to the consensus estimate of $340.77 million. During the same period last year, the business posted $0.85 earnings per share. Penumbra’s revenue was up 17.8% on a year-over-year basis. As a group, equities analysts predict that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

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.