Bank of America Initiates Coverage on Penumbra (NYSE:PEN)

Research analysts at Bank of America started coverage on shares of Penumbra (NYSE:PEN) in a report issued on Friday, MarketBeat.com reports. The firm set a “buy” rating and a $320.00 price target on the stock. Bank of America‘s target price would suggest a potential upside of 17.00% from the stock’s current price.

A number of other brokerages have also weighed in on PEN. Canaccord Genuity Group raised their price objective on Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Robert W. Baird raised their target price on Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Oppenheimer started coverage on Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price for the company. Royal Bank of Canada raised their target price on Penumbra from $285.00 to $313.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $330.00 target price (up from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and an average price target of $294.47.

Penumbra Trading Up 4.9 %

Shares of PEN stock opened at $273.51 on Friday. The stock’s fifty day moving average is $269.89 and its two-hundred day moving average is $237.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. The firm has a market capitalization of $10.53 billion, a P/E ratio of 804.45, a PEG ratio of 2.83 and a beta of 0.51. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $310.00.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The company had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. Research analysts expect that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Maggie Yuen sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $286.00, for a total transaction of $572,000.00. Following the completion of the transaction, the chief financial officer now directly owns 15,243 shares in the company, valued at $4,359,498. This trade represents a 11.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the transaction, the director now owns 8,530 shares of the company’s stock, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,918 shares of company stock valued at $22,054,293. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penumbra

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after buying an additional 121,465 shares during the period. Champlain Investment Partners LLC grew its position in shares of Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after buying an additional 264,122 shares in the last quarter. State Street Corp grew its position in shares of Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after buying an additional 3,863 shares in the last quarter. RTW Investments LP grew 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 worth $204,815,000 after buying an additional 66,700 shares in the last quarter. Finally, Baillie Gifford & Co. grew its position in shares of Penumbra by 23.4% during the fourth 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 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.