Penumbra (NYSE:PEN) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Penumbra (NYSE:PEN - Get Free Report) had its target price boosted by Royal Bank of Canada from $285.00 to $313.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's target price would suggest a potential upside of 7.00% from the company's previous close.

Several other brokerages also recently commented on PEN. Truist Financial raised their target price on Penumbra from $240.00 to $285.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. Wells Fargo & Company raised their target price on Penumbra from $275.00 to $305.00 and gave the company an "overweight" rating in a report on Wednesday. Robert W. Baird raised their target price on Penumbra from $305.00 to $328.00 and gave the company an "outperform" rating in a report on Wednesday. Morgan Stanley lifted their price objective on Penumbra from $240.00 to $260.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on Penumbra from $323.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $292.64.

Penumbra Trading Down 3.5 %

Shares of Penumbra stock traded down $10.60 during trading hours on Wednesday, reaching $292.52. The stock had a trading volume of 635,327 shares, compared to its average volume of 492,793. The firm has a market capitalization of $11.27 billion, a price-to-earnings ratio of 860.35, a P/E/G ratio of 2.83 and a beta of 0.53. 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 50 day simple moving average of $259.09 and a two-hundred day simple moving average of $228.23.

Penumbra (NYSE:PEN - Get Free Report) last announced its earnings results on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. The business had revenue of $315.52 million for the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. As a group, equities research analysts anticipate that Penumbra will post 3.67 earnings per share for the current year.

Insider Transactions at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the completion of the transaction, the executive vice president now owns 63,444 shares in the company, valued at $15,511,423.56. The trade was a 0.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harpreet Grewal sold 167 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 8,530 shares of the company's stock, valued at $2,058,118.40. This represents a 1.92 % 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. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Penumbra by 2.1% during the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company's stock valued at $1,145,729,000 after purchasing an additional 121,465 shares during the period. Champlain Investment Partners LLC boosted its position in Penumbra by 20.6% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company's stock valued at $300,786,000 after purchasing an additional 264,122 shares during the period. State Street Corp boosted its position in Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company's stock valued at $240,298,000 after purchasing an additional 3,863 shares during the period. RTW Investments LP boosted its position in Penumbra by 8.4% during the 4th quarter. RTW Investments LP now owns 862,450 shares of the company's stock valued at $204,815,000 after purchasing an additional 66,700 shares during the period. Finally, Baillie Gifford & Co. boosted its position in Penumbra by 23.4% during the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company's stock worth $173,416,000 after acquiring an additional 138,387 shares during the period. Institutional investors and hedge funds 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.