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

Research analysts at Bank of America began coverage on shares of Penumbra (NYSE:PEN - Get Free Report) in a research note issued to investors on Friday, Marketbeat reports. The firm set a "buy" rating and a $320.00 price target on the stock. Bank of America's price target would indicate a potential upside of 17.00% from the company's previous close.

PEN has been the subject of a number of other reports. BTIG Research lifted their price objective on Penumbra from $232.00 to $270.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Oppenheimer initiated coverage on Penumbra in a research report on Tuesday, December 17th. They issued an "outperform" rating and a $275.00 price objective for the company. Truist Financial lifted their price objective on Penumbra from $285.00 to $325.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Canaccord Genuity Group lifted their price objective on Penumbra from $323.00 to $340.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company boosted their target price on Penumbra from $275.00 to $305.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $294.47.

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Penumbra Price Performance

Shares of NYSE:PEN traded up $12.88 during midday trading on Friday, reaching $273.51. The company's stock had a trading volume of 307,493 shares, compared to its average volume of 395,931. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $310.00. The company has a market capitalization of $10.53 billion, a P/E ratio of 804.45, a P/E/G ratio of 2.83 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The business's fifty day simple moving average is $269.89 and its 200-day simple moving average is $237.62.

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

Insider Activity

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $287.43, for a total value of $172,458.00. Following the sale, the executive vice president now owns 66,539 shares in the company, valued at approximately $19,125,304.77. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harpreet Grewal sold 167 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the completion of the sale, the director now owns 8,530 shares in the company, valued at $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,918 shares of company stock worth $22,054,293 in the last 90 days. Corporate insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. True Wealth Design LLC acquired a new position in shares of Penumbra during the 3rd quarter worth approximately $26,000. UMB Bank n.a. increased its position in shares of Penumbra by 57.4% during the 4th quarter. UMB Bank n.a. now owns 192 shares of the company's stock worth $46,000 after purchasing an additional 70 shares during the last quarter. Hurley Capital LLC acquired a new position in shares of Penumbra during the 4th quarter worth approximately $56,000. Huntington National Bank increased its position in shares of Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after purchasing an additional 154 shares during the last quarter. Finally, Mather Group LLC. increased its position in shares of Penumbra by 208.0% during the 4th quarter. Mather Group LLC. now owns 308 shares of the company's stock worth $73,000 after purchasing an additional 208 shares during the last quarter. Institutional investors and hedge funds 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.