Penumbra (NYSE:PEN) Stock Price Up 7.1% - Here's What Happened

Shares of Penumbra, Inc. (NYSE:PEN - Get Free Report) rose 7.1% during mid-day trading on Tuesday . The company traded as high as $257.36 and last traded at $254.07. Approximately 128,567 shares changed hands during trading, a decline of 65% from the average daily volume of 364,074 shares. The stock had previously closed at $237.28.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Canaccord Genuity Group lifted their target price on Penumbra from $260.00 to $323.00 and gave the company a "buy" rating in a report on Monday, December 9th. Oppenheimer started coverage on Penumbra in a research report on Tuesday, December 17th. They set an "outperform" rating and a $275.00 price objective on the stock. Wells Fargo & Company upgraded shares of Penumbra from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $190.00 to $275.00 in a research report on Wednesday, December 11th. Stifel Nicolaus assumed coverage on Penumbra in a research report on Tuesday, September 17th. They issued a "buy" rating and a $238.00 price objective for the company. Finally, Royal Bank of Canada raised their target price on Penumbra from $205.00 to $222.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $258.00.

Penumbra Trading Up 6.0 %

The stock has a market capitalization of $9.66 billion, a PE ratio of 292.57, a PEG ratio of 2.47 and a beta of 0.52. The stock has a 50-day moving average price of $240.23 and a two-hundred day moving average price of $208.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly 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 for 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 quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $0.67 earnings per share. As a group, equities analysts forecast that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Insider Activity at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the transaction, the chief executive officer now directly owns 867,582 shares in the company, valued at approximately $177,472,573.92. This trade represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $239.74, for a total transaction of $143,844.00. Following the completion of the transaction, the executive vice president now owns 64,044 shares of the company's stock, valued at $15,353,908.56. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,819 shares of company stock worth $11,197,883. Insiders own 5.00% of the company's stock.

Institutional Trading of Penumbra

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its stake in Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company's stock worth $240,298,000 after acquiring an additional 3,863 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Penumbra during the second quarter worth about $17,943,000. Thrivent Financial for Lutherans increased its position in shares of Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company's stock valued at $71,564,000 after acquiring an additional 358,932 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Penumbra in the 3rd quarter valued at approximately $1,092,000. Finally, AlphaCentric Advisors LLC acquired a new position in shares of Penumbra in the 3rd quarter worth approximately $777,000. 88.88% of the stock is 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.