Penumbra (NYSE:PEN) Sees Unusually-High Trading Volume - Time to Buy?

Penumbra, Inc. (NYSE:PEN - Get Free Report) shares saw strong trading volume on Monday . 175,370 shares changed hands during mid-day trading, an increase of 18% from the previous session's volume of 149,034 shares.The stock last traded at $250.14 and had previously closed at $241.97.

Wall Street Analysts Forecast Growth

Several analysts have commented on PEN shares. Royal Bank of Canada lifted their price objective on shares of Penumbra from $205.00 to $222.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Oppenheimer initiated coverage on shares of Penumbra in a report on Tuesday, December 17th. They issued an "outperform" rating and a $275.00 price target on the stock. Canaccord Genuity Group increased their price target on Penumbra from $260.00 to $323.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Truist Financial boosted their price objective on Penumbra from $240.00 to $285.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company raised Penumbra from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $190.00 to $275.00 in a report on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $258.00.

Penumbra Trading Down 2.4 %

The company's fifty day simple moving average is $238.85 and its 200-day simple moving average is $207.48. The firm has a market capitalization of $9.06 billion, a PE ratio of 274.56, a P/E/G ratio of 2.47 and a beta of 0.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

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. The business had revenue of $301.04 million during the quarter, compared to analysts' expectations of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 earnings per share. As a group, sell-side analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the completion of the sale, the chief executive officer now owns 837,582 shares of the company's stock, valued at approximately $203,498,922.72. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $242.56, for a total value of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. The trade was a 8.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,652 shares of company stock valued at $11,157,589 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC purchased a new stake in shares of Penumbra in the 2nd quarter valued at approximately $215,000. Natixis Advisors LLC purchased a new stake in Penumbra in the second quarter valued at $3,423,000. Rhumbline Advisers raised its position in Penumbra by 0.5% in the second quarter. Rhumbline Advisers now owns 109,132 shares of the company's stock valued at $19,640,000 after purchasing an additional 517 shares during the period. TD Asset Management Inc lifted its stake in shares of Penumbra by 3.2% in the 2nd quarter. TD Asset Management Inc now owns 133,942 shares of the company's stock valued at $24,106,000 after purchasing an additional 4,156 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Penumbra by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 10,293 shares of the company's stock worth $1,852,000 after purchasing an additional 216 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.