Robert W. Baird Raises Penumbra (NYSE:PEN) Price Target to $248.00

Penumbra (NYSE:PEN) had its target price increased by analysts at Robert W. Baird from $244.00 to $248.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 17.43% from the stock’s current price.

Several other analysts have also recently weighed in on PEN. Canaccord Genuity Group raised their price target on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. BTIG Research raised their price objective on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Truist Financial raised their price objective on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Penumbra has an average rating of “Moderate Buy” and a consensus target price of $225.83.

Penumbra Stock Performance

NYSE:PEN opened at $211.19 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. Penumbra has a 52-week low of $148.00 and a 52-week high of $277.34. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 621.15, a PEG ratio of 2.34 and a beta of 0.54. The business’s fifty day moving average is $199.72 and its 200 day moving average is $193.55.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. During the same quarter last year, the firm posted $0.67 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. Research analysts predict that Penumbra will post 2.58 EPS for the current year.

Penumbra announced that its board has approved a stock buyback program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Penumbra

In related news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. 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 available at the SEC website. In other Penumbra news, Director Harpreet Grewal sold 166 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,368 shares of company stock valued at $6,893,118. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PEN. GAMMA Investing LLC lifted its holdings in shares of Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. WASHINGTON TRUST Co bought a new position in shares of Penumbra during the second quarter valued at $54,000. Park Place Capital Corp increased its position in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Penumbra during the first quarter valued at $89,000. 88.88% of the stock is owned by 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.