Penumbra (NYSE:PEN) Coverage Initiated at Oppenheimer

Oppenheimer initiated coverage on shares of Penumbra (NYSE:PEN - Free Report) in a research report released on Tuesday, MarketBeat.com reports. The firm issued an outperform rating and a $275.00 price target on the stock.

Several other research firms also recently issued reports on PEN. Leerink Partnrs upgraded Penumbra to a "strong-buy" rating in a report on Tuesday, September 3rd. Truist Financial upped their target price on Penumbra from $200.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, October 14th. Canaccord Genuity Group increased their target price on Penumbra from $260.00 to $323.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. BTIG Research raised their price objective on Penumbra from $232.00 to $270.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Stifel Nicolaus assumed coverage on Penumbra in a report on Tuesday, September 17th. They issued a "buy" rating and a $238.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $254.15.

Penumbra Price Performance

Shares of PEN stock traded up $0.27 during trading hours on Tuesday, hitting $247.51. 336,428 shares of the company's stock were exchanged, compared to its average volume of 375,276. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The business's 50 day simple moving average is $228.47 and its 200-day simple moving average is $202.28. The company has a market capitalization of $9.50 billion, a PE ratio of 287.49, a PEG ratio of 2.47 and a beta of 0.51.

Penumbra (NYSE:PEN - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million for the quarter, compared to analysts' expectations of $297.36 million. During the same quarter in the previous year, the business posted $0.67 EPS. The company's quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts anticipate that Penumbra will post 2.81 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Lambert Shiu sold 654 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $243.01, for a total transaction of $158,928.54. Following the transaction, the chief accounting officer now directly owns 20,028 shares in the company, valued at $4,867,004.28. The trade was a 3.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total value of $114,456.00. Following the completion of the sale, the executive vice president now owns 60,488 shares in the company, valued at $11,538,690.88. The trade was a 0.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,418 shares of company stock worth $10,624,973 in the last 90 days. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. True Wealth Design LLC acquired a new position in Penumbra in the 3rd quarter valued at about $26,000. GAMMA Investing LLC boosted its holdings in shares of Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company's stock worth $33,000 after buying an additional 90 shares during the period. Park Place Capital Corp raised its position in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company's stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake 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 worth $70,000 after acquiring an additional 369 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company's stock valued at $81,000 after acquiring an additional 43 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.