Penumbra (NYSE:PEN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Penumbra (NYSE:PEN - Free Report) had its price objective upped by Wells Fargo & Company from $275.00 to $305.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

PEN has been the subject of a number of other research reports. Robert W. Baird lifted their price objective on shares of Penumbra from $305.00 to $328.00 and gave the company an "outperform" rating in a report on Wednesday. UBS Group assumed coverage on shares of Penumbra in a report on Tuesday, January 21st. They issued a "buy" rating and a $305.00 price objective for the company. Morgan Stanley lifted their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an "equal weight" rating in a report on Wednesday. Needham & Company LLC reiterated a "hold" rating on shares of Penumbra in a report on Wednesday. Finally, Truist Financial boosted their price target on shares of Penumbra from $240.00 to $285.00 and gave the stock a "buy" rating in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Penumbra presently has a consensus rating of "Moderate Buy" and an average price target of $292.64.

Penumbra Trading Down 3.5 %

Shares of Penumbra stock traded down $10.60 on Wednesday, reaching $292.52. The company had a trading volume of 635,327 shares, compared to its average volume of 492,793. The firm's 50 day moving average price is $259.09 and its two-hundred day moving average price is $228.23. The firm has a market cap of $11.27 billion, a PE ratio of 860.35, a PEG ratio of 2.83 and a beta of 0.53. Penumbra has a 52-week low of $148.00 and a 52-week high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01.

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

Insider Activity

In other 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 owns 8,530 shares in the company, valued at approximately $2,058,118.40. This represents a 1.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the company's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the completion of the transaction, the chief executive officer now owns 837,582 shares of the company's stock, valued at approximately $203,498,922.72. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,219 shares of company stock worth $4,426,439. Corporate insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Creative Planning raised its position in Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company's stock valued at $306,000 after purchasing an additional 71 shares during the last quarter. Blue Trust Inc. raised its position in Penumbra by 808.9% in the 3rd quarter. Blue Trust Inc. now owns 509 shares of the company's stock valued at $92,000 after purchasing an additional 453 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Penumbra by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company's stock valued at $41,604,000 after purchasing an additional 3,973 shares during the last quarter. Bank Pictet & Cie Europe AG purchased a new stake in Penumbra in the 3rd quarter valued at $244,000. Finally, E. Ohman J or Asset Management AB raised its position in 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 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.