Penumbra, Inc. (NYSE:PEN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Penumbra, Inc. (NYSE:PEN) has received an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $226.67.

Several equities analysts have weighed in on the company. Canaccord Genuity Group increased their price objective on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Leerink Partners assumed coverage on Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective for the company. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Robert W. Baird lifted their target price on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, BTIG Research upped their price target on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research note on Monday, October 14th.

Penumbra Price Performance

Shares of NYSE:PEN opened at $233.51 on Friday. The company has a market capitalization of $8.96 billion, a P/E ratio of 271.52, a price-to-earnings-growth ratio of 2.39 and a beta of 0.51. The company’s 50-day moving average is $206.02 and its 200 day moving average is $195.53. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. During the same period in the previous year, the company earned $0.67 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Penumbra will post 2.79 earnings per share for the current year.

Penumbra declared that its Board of Directors has authorized a share repurchase program on Tuesday, August 13th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the sale, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This trade represents a 0.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,768 shares of company stock valued at $6,787,530 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several hedge funds have recently added to or reduced their stakes in PEN. True Wealth Design LLC purchased a new position in shares of Penumbra during the 3rd quarter valued at about $26,000. GAMMA Investing LLC lifted its holdings in shares of Penumbra by 111.1% in the 3rd 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. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra in the 2nd quarter valued at $54,000. Park Place Capital Corp grew its holdings in shares of Penumbra by 1,473.9% during 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. raised its position in 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.

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.