Royal Bank of Canada Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price target lifted by equities researchers at Royal Bank of Canada from $315.00 to $330.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 9.82% from the company’s current price.

Several other equities analysts also recently commented on PEN. JPMorgan Chase & Co. upped their price target on shares of Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. StockNews.com lowered Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Wells Fargo & Company boosted their price objective on Penumbra from $305.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Canaccord Genuity Group increased their target price on Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, UBS Group reissued a “buy” rating and set a $330.00 target price (up from $320.00) on shares of Penumbra in a research note on Thursday. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $302.40.

Penumbra Trading Up 0.8 %

Shares of NYSE PEN opened at $300.50 on Thursday. The stock has a market capitalization of $11.62 billion, a P/E ratio of 883.82, a PEG ratio of 2.83 and a beta of 0.56. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The business’s 50 day moving average is $276.99 and its two-hundred day moving average is $254.39. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.17. The company had revenue of $324.14 million for the quarter, compared to analyst estimates of $315.72 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. As a group, research analysts expect that Penumbra will post 3.67 EPS for the current year.

Insiders Place Their Bets

In other Penumbra news, Director Arani Bose sold 12,000 shares of the business’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $283.77, for a total value of $3,405,240.00. Following the completion of the transaction, the director now directly owns 314,819 shares in the company, valued at approximately $89,336,187.63. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $300.01, for a total transaction of $180,006.00. Following the sale, the executive vice president now directly owns 66,159 shares of the company’s stock, valued at approximately $19,848,361.59. The trade was a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,446 shares of company stock worth $35,959,193 over the last 90 days. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Hedge funds and other institutional investors have recently bought and sold shares of the company. UMB Bank n.a. increased its position in shares of Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after purchasing an additional 70 shares in the last quarter. Hurley Capital LLC purchased a new position in Penumbra during the 4th quarter worth $56,000. Huntington National Bank increased its position in Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after buying an additional 154 shares in the last quarter. Mather Group LLC. raised its stake in Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after buying an additional 208 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in Penumbra by 893.5% in the first quarter. Versant Capital Management Inc now owns 308 shares of the company’s stock worth $82,000 after acquiring an additional 277 shares in the last quarter. Hedge funds and other 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.