Penumbra (NYSE:PEN) Given New $234.00 Price Target at BTIG Research

Penumbra (NYSE:PEN) had its target price hoisted by stock analysts at BTIG Research from $224.00 to $234.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 11.03% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler decreased their target price on Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Stifel Nicolaus began coverage on Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. Royal Bank of Canada upped their target price 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. Finally, Robert W. Baird cut their price target on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $213.17.

Penumbra Stock Performance

NYSE PEN traded up $7.57 during trading on Monday, hitting $210.76. The company’s stock had a trading volume of 329,656 shares, compared to its average volume of 381,197. Penumbra has a 52 week low of $148.00 and a 52 week high of $277.34. The firm has a market cap of $8.17 billion, a P/E ratio of 89.49, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54. The firm has a 50 day moving average price of $192.87 and a 200 day moving average price of $194.50. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Penumbra’s revenue was up 14.5% compared to the same quarter last year. Equities research analysts forecast that Penumbra will post 2.59 earnings per share for the current fiscal year.

Penumbra declared that its board has authorized a stock repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Harpreet Grewal sold 166 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,368 shares of company stock worth $6,862,518. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Champlain Investment Partners LLC lifted its stake in Penumbra by 131.8% in the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after acquiring an additional 616,700 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Penumbra by 439.8% in the second quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock worth $31,283,000 after purchasing an additional 145,364 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Penumbra by 96.7% during the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock worth $46,257,000 after purchasing an additional 126,392 shares during the last quarter. Renaissance Technologies LLC bought a new position in Penumbra in the second quarter valued at $17,943,000. Finally, William Blair Investment Management LLC increased its stake in Penumbra by 12.2% in the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after buying an additional 90,444 shares during the last quarter. 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.