Penumbra, Inc. (PEN) Price Target Increased to $113.00 by Analysts at Canaccord Genuity

Penumbra, Inc. (NYSE:PEN) had its price target hoisted by Canaccord Genuity from $100.00 to $113.00 in a research report released on Wednesday, November 8th. Canaccord Genuity currently has a buy rating on the stock.

Several other brokerages also recently issued reports on PEN. BidaskClub downgraded shares of Penumbra from a buy rating to a hold rating in a report on Monday, July 24th. Zacks Investment Research raised shares of Penumbra from a sell rating to a hold rating in a report on Wednesday, October 11th. Finally, BMO Capital Markets boosted their target price on shares of Penumbra from $96.00 to $117.00 and gave the stock an outperform rating in a research note on Wednesday, November 8th.

Shares of Penumbra (NYSE PEN) traded down $1.60 during mid-day trading on Wednesday, reaching $103.30. 162,139 shares of the company traded hands, compared to its average volume of 192,789. Penumbra has a 12-month low of $57.85 and a 12-month high of $116.35.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. Penumbra had a negative net margin of 2.19% and a negative return on equity of 1.95%. The firm had revenue of $83.90 million during the quarter, compared to the consensus estimate of $79.17 million. During the same period last year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 24.9% on a year-over-year basis. equities analysts predict that Penumbra will post -0.15 earnings per share for the current fiscal year.

In other news, CEO Adam Elsesser sold 62,862 shares of Penumbra stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $105.15, for a total transaction of $6,609,939.30. Following the completion of the sale, the chief executive officer now owns 1,191,887 shares in the company, valued at approximately $125,326,918.05. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert D. Evans sold 2,859 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $90.00, for a total transaction of $257,310.00. Following the transaction, the executive vice president now owns 11,704 shares of the company’s stock, valued at approximately $1,053,360. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 274,126 shares of company stock valued at $28,349,684. Insiders own 13.50% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Penumbra by 10.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,159 shares of the company’s stock valued at $102,000 after purchasing an additional 114 shares during the period. Verition Fund Management LLC acquired a new position in Penumbra during the second quarter valued at approximately $213,000. Teacher Retirement System of Texas acquired a new position in Penumbra during the third quarter valued at approximately $214,000. Ameritas Investment Partners Inc. grew its holdings in Penumbra by 10.8% during the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the company’s stock valued at $226,000 after purchasing an additional 250 shares during the period. Finally, Prudential Financial Inc. acquired a new position in Penumbra during the second quarter valued at approximately $252,000. Hedge funds and other institutional investors own 72.73% of the company’s stock.

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Penumbra Company Profile

Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.

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