Needham & Company LLC Reaffirms Hold Rating for Penumbra (NYSE:PEN)

Needham & Company LLC restated their hold rating on shares of Penumbra (NYSE:PEN - Free Report) in a research report report published on Thursday morning, Benzinga reports.

Several other research firms have also recently weighed in on PEN. Piper Sandler reiterated an "overweight" rating and set a $225.00 price objective (up from $200.00) on shares of Penumbra in a research report on Friday, October 18th. Wells Fargo & Company lowered shares of Penumbra from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Robert W. Baird cut their target price on shares of Penumbra from $231.00 to $180.00 and set an "outperform" rating for the company in a research report on Wednesday, July 31st. Canaccord Genuity Group boosted 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. Finally, Morgan Stanley lowered their target price on shares of Penumbra from $235.00 to $210.00 and set an "equal weight" rating on the stock in a research note on Monday, July 15th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $226.67.

Penumbra Stock Up 8.4 %

NYSE:PEN traded up $17.71 during mid-day trading on Thursday, hitting $229.00. The company had a trading volume of 953,177 shares, compared to its average volume of 383,685. The business has a fifty day simple moving average of $200.35 and a 200-day simple moving average of $193.80. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 673.53, a PEG ratio of 2.34 and a beta of 0.54. Penumbra has a 1 year low of $148.00 and a 1 year high of $277.34.

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

Penumbra announced that its board has approved a share repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm's stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the completion of the transaction, the chief executive officer now directly owns 867,582 shares in the company, valued at $177,472,573.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the transaction, the executive vice president now owns 61,688 shares of the company's stock, valued at $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,368 shares of company stock worth $6,893,118. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PEN. GAMMA Investing LLC boosted its holdings in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company's stock worth $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co bought a new stake in shares of Penumbra in the second quarter valued at approximately $54,000. Park Place Capital Corp raised its position in shares of Penumbra by 1,473.9% in the third 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 period. Northwestern Mutual Wealth Management Co. raised its position in shares of Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company's stock valued at $70,000 after purchasing an additional 369 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Penumbra in the first quarter valued at approximately $89,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.