Penumbra (NYSE:PEN) Price Target Raised to $222.00

Penumbra (NYSE:PEN) had its price objective increased by analysts at Royal Bank of Canada from $205.00 to $222.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 14.10% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird cut their price objective on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. BTIG Research increased their price target on shares of Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Finally, Truist Financial reaffirmed a “buy” rating and set a $200.00 price target (down previously from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $209.42.

Penumbra Stock Performance

Penumbra stock traded up $3.75 during mid-day trading on Tuesday, reaching $194.56. 114,756 shares of the company’s stock were exchanged, compared to its average volume of 381,614. Penumbra has a one year low of $148.00 and a one year high of $277.34. The business’s fifty day simple moving average is $190.83 and its 200 day simple moving average is $195.23. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $7.54 billion, a PE ratio of 82.17, a P/E/G ratio of 2.20 and a beta of 0.54.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts expect that Penumbra will post 2.59 earnings per share for the current year.

Penumbra announced that its board has initiated a share repurchase plan on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the sale, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the transaction, the chief executive officer now directly owns 927,582 shares in the company, valued at approximately $187,853,906.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,368 shares of company stock valued at $6,862,518. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Penumbra

Institutional investors have recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC increased its position in shares of Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after acquiring an additional 55 shares during the last quarter. ProShare Advisors LLC lifted its stake in Penumbra by 2.9% in the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after buying an additional 62 shares during the last quarter. Arcadia Investment Management Corp MI boosted its stake in Penumbra by 7.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock valued at $181,000 after purchasing an additional 74 shares during the period. GAMMA Investing LLC boosted its position in Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after acquiring an additional 90 shares during the period. Finally, Retirement Systems of Alabama grew its position in Penumbra by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock valued at $10,817,000 after buying an additional 127 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

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.