Penumbra (NYSE:PEN) Given New $260.00 Price Target at Morgan Stanley

Penumbra (NYSE:PEN - Free Report) had its target price boosted by Morgan Stanley from $240.00 to $260.00 in a research report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

PEN has been the subject of several other research reports. Piper Sandler upped their target price on shares of Penumbra from $235.00 to $250.00 and gave the company an "overweight" rating in a research report on Wednesday, November 20th. Oppenheimer assumed coverage on shares of Penumbra in a research report on Tuesday, December 17th. They set an "outperform" rating and a $275.00 target price for the company. Robert W. Baird upped their target price on shares of Penumbra from $305.00 to $328.00 and gave the company an "outperform" rating in a research report on Wednesday. Canaccord Genuity Group upped their target price on shares of Penumbra from $260.00 to $323.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Finally, BTIG Research boosted their price target on shares of Penumbra from $232.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, thirteen 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 currently has an average rating of "Moderate Buy" and an average target price of $292.64.

Penumbra Trading Down 3.5 %

PEN stock traded down $10.60 during trading on Wednesday, hitting $292.52. The company had a trading volume of 635,327 shares, compared to its average volume of 492,793. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $259.09 and a 200-day moving average price of $228.23. Penumbra has a 12 month low of $148.00 and a 12 month high of $310.00. The stock has a market cap of $11.27 billion, a price-to-earnings ratio of 860.35, a PEG ratio of 2.83 and a beta of 0.53.

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

Insider Buying and Selling

In related news, Director Harpreet Grewal sold 167 shares of the company's stock in a transaction 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 transaction, the director now directly owns 8,530 shares of the company's stock, valued at approximately $2,058,118.40. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the transaction, the executive vice president now owns 63,444 shares of the company's stock, valued at approximately $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,219 shares of company stock valued at $4,426,439. Company insiders own 5.00% of the company's stock.

Hedge Funds Weigh In On Penumbra

A number of large investors have recently modified their holdings of PEN. Creative Planning boosted its stake in shares of Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company's stock worth $306,000 after buying an additional 71 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Penumbra by 808.9% during the 3rd quarter. Blue Trust Inc. now owns 509 shares of the company's stock worth $92,000 after buying an additional 453 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Penumbra by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company's stock worth $41,604,000 after buying an additional 3,973 shares during the last quarter. Bank Pictet & Cie Europe AG acquired a new position in shares of Penumbra during the 3rd quarter worth about $244,000. Finally, E. Ohman J or Asset Management AB raised its holdings in shares of Penumbra by 26.1% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 19,312 shares of the company's stock valued at $3,753,000 after purchasing an additional 4,000 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.