Piper Sandler Raises Penumbra (NYSE:PEN) Price Target to $235.00

Penumbra (NYSE:PEN - Free Report) had its price objective boosted by Piper Sandler from $225.00 to $235.00 in a report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also commented on PEN. Robert W. Baird upped their price target on shares of Penumbra from $244.00 to $248.00 and gave the stock an "outperform" rating in a research report on Thursday. Leerink Partners began coverage on shares of Penumbra in a report on Tuesday, September 3rd. They issued an "outperform" rating and a $263.00 price objective for the company. Canaccord Genuity Group upped their price objective on shares of Penumbra from $176.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. Leerink Partnrs raised shares of Penumbra to a "strong-buy" rating in a report on Tuesday, September 3rd. Finally, Stifel Nicolaus began coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a "buy" rating and a $238.00 price objective for the company. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $226.67.

Penumbra Stock Performance

Shares of Penumbra stock traded up $17.71 during trading on Thursday, hitting $229.00. 953,177 shares of the stock were exchanged, compared to its average volume of 383,685. The stock's fifty day moving average is $200.35 and its 200 day moving average is $193.80. The stock has a market cap of $8.89 billion, a PE ratio of 673.53, a P/E/G ratio of 2.34 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. Penumbra has a 12 month low of $148.00 and a 12 month high of $277.34.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share. As a group, sell-side analysts anticipate that Penumbra will post 2.58 EPS for the current year.

Penumbra announced that its board has initiated a stock buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now owns 61,688 shares in the company, valued at $10,855,854.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the transaction, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now owns 61,688 shares in the company, valued at $10,855,854.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,368 shares of company stock worth $6,893,118 in the last 90 days. Company insiders own 5.00% of the company's stock.

Hedge Funds Weigh In On Penumbra

A number of hedge funds have recently added to or reduced their stakes in PEN. Silvercrest Asset Management Group LLC grew its holdings in Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company's stock valued at $375,000 after purchasing an additional 55 shares during the last quarter. ProShare Advisors LLC raised its holdings in Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company's stock worth $391,000 after acquiring an additional 62 shares during the period. Legacy Wealth Asset Management LLC lifted its position in Penumbra by 3.9% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company's stock worth $336,000 after acquiring an additional 65 shares during the last quarter. Creative Planning lifted its position in Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company's stock worth $306,000 after acquiring an additional 71 shares during the last quarter. Finally, Arcadia Investment Management Corp MI lifted its position in Penumbra by 7.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company's stock worth $181,000 after acquiring an additional 74 shares during the last quarter. Institutional investors and hedge funds 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.