Penumbra (NYSE:PEN) Hits New 12-Month High – Here’s What Happened

Penumbra, Inc. (NYSE:PEN) hit a new 52-week high on Wednesday . The company traded as high as $277.89 and last traded at $276.01, with a volume of 690262 shares traded. The stock had previously closed at $268.20.

Analyst Ratings Changes

Several brokerages have commented on PEN. Truist Financial increased their target price on Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Wells Fargo & Company upgraded Penumbra from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $190.00 to $275.00 in a report on Wednesday, December 11th. Oppenheimer started coverage on shares of Penumbra in a report on Tuesday, December 17th. They set an “outperform” rating and a $275.00 price objective for the company. Royal Bank of Canada increased their price target on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Finally, Canaccord Genuity Group raised their price target on Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $261.36.

Penumbra Trading Up 2.9 %

The stock’s 50-day simple moving average is $245.63 and its two-hundred day simple moving average is $214.20. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm has a market capitalization of $10.59 billion, a P/E ratio of 320.94, a price-to-earnings-growth ratio of 1.93 and a beta of 0.52.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. During the same period last year, the firm earned $0.67 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts expect that Penumbra, Inc. will post 2.81 EPS for the current year.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 167 shares of the firm’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 transaction of $40,293.76. Following the completion of the transaction, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 837,582 shares in the company, valued at $203,498,922.72. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,819 shares of company stock valued at $8,129,483 in the last three months. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Several institutional investors have recently bought and sold shares of the business. True Wealth Design LLC purchased a new stake in shares of Penumbra during the 3rd quarter valued at about $26,000. GAMMA Investing LLC increased its stake in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after acquiring an additional 90 shares during the last quarter. UMB Bank n.a. raised its position in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after purchasing an additional 70 shares during the period. Park Place Capital Corp lifted its stake in shares of Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after purchasing an additional 339 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Company Profile

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.