JPMorgan Chase & Co. Raises Penumbra (NYSE:PEN) Price Target to $285.00

Penumbra (NYSE:PEN) had its target price increased by JPMorgan Chase & Co. from $230.00 to $285.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential downside of 5.88% from the company’s previous close.

PEN has been the topic of a number of other reports. Piper Sandler restated an “overweight” rating and set a $330.00 price objective (up from $250.00) on shares of Penumbra in a report on Wednesday. Morgan Stanley boosted their price target on Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a report on Wednesday. BTIG Research upped their price objective on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Citigroup raised 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. Finally, Canaccord Genuity Group raised their price target on Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Stock Performance

PEN stock opened at $302.82 on Wednesday. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The business’s 50-day moving average price is $257.15 and its two-hundred day moving average price is $226.51. The firm has a market cap of $11.62 billion, a PE ratio of 890.64, a P/E/G ratio of 1.99 and a beta of 0.53. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released 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 return on equity of 9.73% and a net margin of 1.17%. The business had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. As a group, research analysts forecast that Penumbra will post 3.86 earnings per share for the current year.

Insider Transactions at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the completion of the sale, the director now directly owns 8,530 shares in the company, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the transaction, the chief executive officer now owns 837,582 shares in the company, valued at approximately $203,498,922.72. This trade represents 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 worth $4,426,439. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its position in Penumbra by 2.1% during the third quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after acquiring an additional 121,465 shares during the last quarter. Champlain Investment Partners LLC raised its stake 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 worth $300,786,000 after purchasing an additional 264,122 shares during the last quarter. State Street Corp raised its position in Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after buying an additional 3,863 shares during the last quarter. RTW Investments LP lifted its position in shares of Penumbra by 8.4% during 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 in the last quarter. Finally, Baillie Gifford & Co. lifted its position in shares of Penumbra by 23.4% during the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after buying an additional 138,387 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.