Robert W. Baird Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective raised by Robert W. Baird from $244.00 to $248.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

PEN has been the subject of a number of other research reports. Truist Financial increased their price objective on shares of Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, October 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $225.00 price target (up previously from $200.00) on shares of Penumbra in a report on Friday, October 18th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley cut their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Finally, Canaccord Genuity Group boosted their price target on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $226.67.

Penumbra Stock Performance

Shares of NYSE:PEN opened at $233.30 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.77. Penumbra has a 1 year low of $148.00 and a 1 year high of $277.34. The firm has a market capitalization of $8.95 billion, a PE ratio of 271.28, a P/E/G ratio of 2.62 and a beta of 0.51. The business’s 50 day moving average price is $200.81 and its 200-day moving average price is $193.84.

Penumbra (NYSE:PEN) last announced 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 for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.67 EPS. As a group, equities research analysts expect that Penumbra will post 2.58 earnings per share for the current fiscal year.

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

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total value of $324,000.00. Following the completion of the sale, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the sale, the executive vice president now owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were 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 of the company’s stock, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,368 shares of company stock worth $6,893,118. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

Several large investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System boosted its position in Penumbra by 3.3% in the 1st quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock valued at $2,123,000 after buying an additional 300 shares during the period. Norden Group LLC purchased a new stake in shares of Penumbra during the first quarter worth $4,515,000. Retirement Systems of Alabama raised its stake in shares of Penumbra by 0.3% in the first quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock valued at $10,817,000 after acquiring an additional 127 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Penumbra in the first quarter valued at $689,000. Finally, Quent Capital LLC grew its stake in Penumbra by 17,660.0% during the 1st quarter. Quent Capital LLC now owns 1,776 shares of the company’s stock worth $396,000 after purchasing an additional 1,766 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

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.