Piper Sandler Reiterates Overweight Rating for Penumbra (NYSE:PEN)

Penumbra (NYSE:PEN - Get Free Report)'s stock had its "overweight" rating reissued by stock analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They presently have a $330.00 price target on the stock, up from their previous price target of $250.00. Piper Sandler's price target suggests a potential upside of 12.81% from the stock's current price.

Several other equities research analysts have also recently issued reports on the stock. Canaccord Genuity Group raised their price target on shares of 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 target on shares of Penumbra from $232.00 to $270.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Penumbra in a research note on Wednesday. Morgan Stanley raised their price target on shares of Penumbra from $240.00 to $260.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Wells Fargo & Company raised their price target on shares of Penumbra from $275.00 to $305.00 and gave the stock an "overweight" rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Penumbra presently has an average rating of "Moderate Buy" and an average price target of $292.64.

Penumbra Price Performance

Shares of NYSE:PEN traded down $10.60 on Wednesday, reaching $292.52. 635,327 shares of the company were exchanged, compared to its average volume of 492,793. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The firm has a market cap of $11.27 billion, a price-to-earnings ratio of 860.35, a price-to-earnings-growth ratio of 2.83 and a beta of 0.53. The company has a 50-day moving average of $259.09 and a 200-day moving average of $228.23.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.09. The firm had revenue of $315.52 million for 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%. Equities analysts forecast that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Activity at Penumbra

In other news, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the sale, the chief accounting officer now owns 20,682 shares in the company, valued at $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,219 shares of company stock worth $4,426,439. Company insiders own 5.00% of the company's stock.

Institutional Trading of Penumbra

Hedge funds have recently made changes to their positions in the company. True Wealth Design LLC purchased a new stake in shares of Penumbra during the third quarter valued at approximately $26,000. UMB Bank n.a. raised its stake in shares of Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company's stock valued at $46,000 after purchasing an additional 70 shares during the period. Hurley Capital LLC purchased a new stake in shares of Penumbra during the fourth quarter valued at approximately $56,000. Huntington National Bank raised its stake in shares of Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company's stock valued at $63,000 after purchasing an additional 154 shares during the period. Finally, Mather Group LLC. raised its stake in shares of Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company's stock valued at $73,000 after purchasing an additional 208 shares during the period. Hedge funds and other institutional investors 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.