Bank of America Begins Coverage on Penumbra (NYSE:PEN)

Bank of America began coverage on shares of Penumbra (NYSE:PEN - Get Free Report) in a report issued on Friday, MarketBeat.com reports. The firm set a "buy" rating and a $320.00 price target on the stock. Bank of America's target price would suggest a potential upside of 17.00% from the company's previous close.

PEN has been the topic of several other reports. Needham & Company LLC reissued a "hold" rating on shares of Penumbra in a research note on Wednesday, February 19th. Robert W. Baird boosted their target price on Penumbra from $305.00 to $328.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Citigroup raised their price target on Penumbra from $220.00 to $245.00 and gave the company a "neutral" rating in a report on Wednesday, December 11th. Truist Financial upped their price objective on Penumbra from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Finally, StockNews.com downgraded Penumbra from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Four 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 stock. According to MarketBeat.com, Penumbra presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.47.

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Penumbra Stock Performance

NYSE PEN traded up $12.88 on Friday, reaching $273.51. The stock had a trading volume of 307,493 shares, compared to its average volume of 395,931. The stock has a market cap of $10.53 billion, a P/E ratio of 804.45, a price-to-earnings-growth ratio of 2.83 and a beta of 0.51. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The business's 50-day moving average price is $269.89 and its 200 day moving average price is $237.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The company had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. As a group, equities analysts expect that Penumbra will post 3.67 earnings per share for the current year.

Insider Transactions at Penumbra

In related news, CFO Maggie Yuen sold 2,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $286.00, for a total transaction of $572,000.00. Following the transaction, the chief financial officer now directly owns 15,243 shares of the company's stock, valued at approximately $4,359,498. The trade was a 11.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $242.96, for a total transaction 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 $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. In the last quarter, insiders sold 79,918 shares of company stock worth $22,054,293. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. FMR LLC lifted its position in shares of Penumbra by 2.1% in the third quarter. FMR LLC now owns 5,896,396 shares of the company's stock worth $1,145,729,000 after buying an additional 121,465 shares during the last quarter. Champlain Investment Partners LLC boosted its position in Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company's stock worth $300,786,000 after purchasing an additional 264,122 shares during the period. State Street Corp grew its holdings in Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company's stock valued at $240,298,000 after purchasing an additional 3,863 shares during the last quarter. RTW Investments LP raised its position in shares of Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company's stock valued at $204,815,000 after purchasing an additional 66,700 shares during the period. Finally, Baillie Gifford & Co. lifted its stake in shares of Penumbra by 23.4% in the fourth quarter. Baillie Gifford & Co. now owns 730,233 shares of the company's stock worth $173,416,000 after buying an additional 138,387 shares during the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.