Truist Financial Increases Penumbra (NYSE:PEN) Price Target to $235.00

Penumbra (NYSE:PEN) had its target price boosted by Truist Financial from $200.00 to $235.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also issued reports on PEN. Royal Bank of Canada upped their target price on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company lowered Penumbra from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Leerink Partners began coverage on Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock. Citigroup upped their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Finally, Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and an average price target of $218.08.

Penumbra Stock Performance

Penumbra stock opened at $205.43 on Monday. The stock’s 50 day moving average price is $195.09 and its 200 day moving average price is $194.38. The firm has a market capitalization of $7.96 billion, a PE ratio of 86.68, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. Penumbra has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same period in the previous year, the company posted $0.43 EPS. Penumbra’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that Penumbra will post 2.59 EPS for the current fiscal year.

Penumbra declared that its Board of Directors has approved a share buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Adam Elsesser sold 1,620 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the transaction, the chief executive officer now directly owns 925,962 shares in the company, valued at $185,192,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Adam Elsesser sold 1,620 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the transaction, the chief executive officer now directly owns 925,962 shares in the company, valued at $185,192,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the transaction, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,368 shares of company stock worth $3,824,718 in the last three months. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PEN. Champlain Investment Partners LLC boosted its position in Penumbra by 131.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after acquiring an additional 616,700 shares during the period. AQR Capital Management LLC boosted its position in Penumbra by 439.8% during the 2nd quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock worth $31,283,000 after acquiring an additional 145,364 shares during the period. Dimensional Fund Advisors LP boosted its position in Penumbra by 96.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock worth $46,257,000 after acquiring an additional 126,392 shares during the period. Renaissance Technologies LLC acquired a new position in Penumbra during the 2nd quarter worth $17,943,000. Finally, William Blair Investment Management LLC boosted its position in Penumbra by 12.2% during the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock worth $186,066,000 after acquiring an additional 90,444 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.