Penumbra (NYSE:PEN) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Penumbra (NYSE:PEN) in a research note issued to investors on Wednesday, Benzinga reports.

PEN has been the topic of several other research reports. Citigroup downgraded shares of Penumbra from a buy rating to a neutral rating and upped their price target for the stock from $165.00 to $178.00 in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Penumbra from $235.00 to $210.00 and set an equal weight rating on the stock in a research report on Monday, July 15th. BTIG Research reduced their price target on shares of Penumbra from $265.00 to $232.00 and set a buy rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group reduced their price target on shares of Penumbra from $284.00 to $272.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Finally, Truist Financial dropped their price objective on Penumbra from $280.00 to $230.00 and set a buy rating for the company in a report on Tuesday, July 16th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $193.60.

Penumbra Stock Up 2.5 %

Shares of NYSE:PEN opened at $175.51 on Wednesday. Penumbra has a 52 week low of $148.00 and a 52 week high of $302.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.25. The company’s fifty day moving average is $184.21 and its 200-day moving average is $214.27. The company has a market capitalization of $6.82 billion, a PE ratio of 74.06, a P/E/G ratio of 1.85 and a beta of 0.55.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. The company had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.43 EPS. Equities research analysts predict that Penumbra will post 2.74 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the completion of the sale, the chief executive officer now directly owns 942,582 shares of the company’s stock, valued at approximately $189,440,130.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the completion of the transaction, the chief executive officer now directly owns 942,582 shares in the company, valued at approximately $189,440,130.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $179.20, for a total value of $107,520.00. Following the completion of the transaction, the executive vice president now owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The disclosure for this sale can be found here. Insiders sold a total of 31,970 shares of company stock valued at $6,428,404 in the last ninety days. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in Penumbra by 7.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 118,828 shares of the company’s stock worth $29,893,000 after acquiring an additional 8,122 shares during the last quarter. Vanguard Group Inc. grew its position in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Penumbra by 31.3% in the 4th quarter. Quadrant Capital Group LLC now owns 722 shares of the company’s stock valued at $182,000 after buying an additional 172 shares during the last quarter. Jennison Associates LLC bought a new stake in Penumbra during the 4th quarter worth about $7,503,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Penumbra by 19.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock worth $66,697,000 after buying an additional 42,876 shares during the last quarter. 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.