Penumbra (NYSE:PEN) Stock Rating Upgraded by Wells Fargo & Company

Penumbra (NYSE:PEN - Get Free Report) was upgraded by research analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm currently has a $275.00 price target on the stock, up from their previous price target of $190.00. Wells Fargo & Company's price objective indicates a potential upside of 8.41% from the stock's previous close.

A number of other brokerages have also recently weighed in on PEN. Robert W. Baird lifted their price target on shares of Penumbra from $244.00 to $248.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Royal Bank of Canada lifted their target price on shares of Penumbra from $205.00 to $222.00 and gave the company an "outperform" rating in a report on Tuesday, October 8th. Leerink Partners began coverage on Penumbra in a research note on Tuesday, September 3rd. They set an "outperform" rating and a $263.00 price target on the stock. Truist Financial lifted their price objective on Penumbra from $200.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They set a "buy" rating and a $238.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Penumbra presently has an average rating of "Moderate Buy" and an average target price of $252.42.

Penumbra Trading Up 4.7 %

Shares of NYSE PEN traded up $11.39 during midday trading on Wednesday, reaching $253.66. 679,186 shares of the stock were exchanged, compared to its average volume of 376,074. The stock has a market capitalization of $9.74 billion, a P/E ratio of 294.95, a PEG ratio of 2.39 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The company has a 50 day simple moving average of $222.95 and a 200 day simple moving average of $200.29. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. The company 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 firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.67 earnings per share. As a group, equities analysts expect that Penumbra will post 2.81 earnings per share for the current year.

Penumbra announced that its Board of Directors has approved a share buyback plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity

In other news, Director Harpreet Grewal sold 166 shares of the firm's stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now owns 8,697 shares of the company's stock, valued at approximately $1,659,648.51. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the business's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares of the company's stock, valued at approximately $174,495,287.22. The trade was a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,418 shares of company stock worth $10,624,973. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. True Wealth Design LLC acquired a new stake in shares of Penumbra in the third quarter valued at approximately $26,000. GAMMA Investing LLC raised its position in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company's stock valued at $33,000 after purchasing an additional 90 shares during the last quarter. Park Place Capital Corp boosted its stake in Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company's stock worth $70,000 after purchasing an additional 339 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company's stock worth $70,000 after purchasing an additional 369 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in Penumbra by 11.5% in the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company's stock valued at $81,000 after purchasing an additional 43 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.