Brokerages Set Penumbra, Inc. (NYSE:PEN) Target Price at $304.45

Penumbra, Inc. (NYSE:PEN) has earned an average rating of “Moderate Buy” from the nine analysts that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $304.45.

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Penumbra from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $284.00 to $250.00 in a report on Friday, February 23rd. Piper Sandler restated an “overweight” rating and issued a $290.00 price target on shares of Penumbra in a research note on Wednesday, April 3rd. Truist Financial lowered their price objective on Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $289.00 target price on shares of Penumbra in a research report on Friday, February 23rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $284.00 price target on shares of Penumbra in a report on Friday, February 23rd.

Penumbra Trading Up 0.2 %

PEN opened at $206.15 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.06 and a quick ratio of 3.49. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of 89.24, a PEG ratio of 2.00 and a beta of 0.51. The business has a fifty day moving average price of $230.76 and a 200 day moving average price of $232.07. Penumbra has a 12 month low of $180.93 and a 12 month high of $348.67.

Penumbra (NYSE:PEN) last released its earnings results on Thursday, February 22nd. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The firm had revenue of $284.68 million for the quarter, compared to analyst estimates of $286.62 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The business’s quarterly revenue was up 28.7% compared to the same quarter last year. Sell-side analysts expect that Penumbra will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Arani Bose sold 7,500 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $250.20, for a total transaction of $1,876,500.00. Following the completion of the sale, the director now owns 164,294 shares in the company, valued at approximately $41,106,358.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Penumbra news, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $223.18, for a total value of $37,940.60. Following the transaction, the director now directly owns 1,175 shares in the company, valued at approximately $262,236.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arani Bose sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $250.20, for a total value of $1,876,500.00. Following the completion of the transaction, the director now directly owns 164,294 shares in the company, valued at approximately $41,106,358.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,648 shares of company stock valued at $2,369,903. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in Penumbra by 19.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after purchasing an additional 42,876 shares in the last quarter. Aigen Investment Management LP acquired a new position in Penumbra during the third quarter worth $209,000. QRG Capital Management Inc. acquired a new position in Penumbra during the third quarter worth $424,000. Hussman Strategic Advisors Inc. purchased a new position in Penumbra in the third quarter worth $508,000. Finally, New York Life Investment Management LLC lifted its holdings in Penumbra by 108.1% in the third quarter. New York Life Investment Management LLC now owns 4,074 shares of the company’s stock valued at $986,000 after acquiring an additional 2,116 shares during the period. 88.88% of the stock is 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.