UBS Group Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price target raised by stock analysts at UBS Group from $305.00 to $320.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 5.67% from the stock’s previous close.

PEN has been the topic of several other reports. Wells Fargo & Company boosted their target price on Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial boosted their target price on Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Citigroup boosted their target price on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Oppenheimer started coverage on Penumbra in a report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price on the stock. Finally, Canaccord Genuity Group boosted their target price on Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and an average target price of $292.64.

Penumbra Trading Down 0.3 %

PEN stock opened at $302.82 on Wednesday. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The firm has a market cap of $11.62 billion, a P/E ratio of 890.64, a P/E/G ratio of 1.99 and a beta of 0.53. The business’s 50 day moving average is $257.15 and its 200-day moving average is $226.51. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. Penumbra had a return on equity of 9.73% and a net margin of 1.17%. The company had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. Equities analysts anticipate that Penumbra will post 3.86 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Harpreet Grewal sold 167 shares of the stock in a transaction on Friday, January 3rd. The stock was 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 represents a 1.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $242.96, for a total value of $3,644,400.00. Following the completion of the transaction, the chief executive officer now directly owns 837,582 shares in the company, valued at approximately $203,498,922.72. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock valued at $4,426,439 in the last 90 days. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. FMR LLC lifted 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 purchasing an additional 121,465 shares during the period. Champlain Investment Partners LLC increased its position in shares of Penumbra by 20.6% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after buying an additional 264,122 shares in the last quarter. State Street Corp increased its position in shares of Penumbra by 0.3% in the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock valued at $240,298,000 after buying an additional 3,863 shares in the last quarter. RTW Investments LP increased its position in shares of Penumbra by 8.4% in the 4th quarter. RTW Investments LP now owns 862,450 shares of the company’s stock valued at $204,815,000 after buying an additional 66,700 shares in the last quarter. Finally, Baillie Gifford & Co. increased its position in shares of Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after buying an additional 138,387 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.