Penumbra (NYSE:PEN) Sees Large Volume Increase – What’s Next?

Shares of Penumbra, Inc. (NYSE:PEN) saw unusually-high trading volume on Monday . Approximately 175,370 shares changed hands during mid-day trading, an increase of 18% from the previous session’s volume of 149,034 shares.The stock last traded at $250.14 and had previously closed at $241.97.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PEN. Canaccord Genuity Group raised their price target on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Truist Financial lifted their target price on Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Stifel Nicolaus assumed coverage on Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. Oppenheimer began coverage on Penumbra in a research note on Tuesday, December 17th. They set an “outperform” rating and a $275.00 price objective for the company. Finally, Robert W. Baird raised their target price on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Penumbra has an average rating of “Moderate Buy” and an average price target of $258.00.

Penumbra Trading Down 2.4 %

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 business has a 50 day simple moving average of $238.85 and a 200-day simple moving average of $207.48. The stock has a market capitalization of $9.06 billion, a P/E ratio of 274.56, a price-to-earnings-growth ratio of 2.47 and a beta of 0.52.

Penumbra (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The firm had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the company earned $0.67 earnings per share. Penumbra’s revenue was up 11.1% compared to the same quarter last year. On average, analysts predict that Penumbra, Inc. will post 2.81 EPS for the current year.

Insider Buying and Selling

In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the sale, the chief executive officer now directly owns 867,582 shares of the company’s stock, valued at $177,472,573.92. The trade was a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the sale, the executive vice president now owns 63,444 shares in the company, valued at approximately $15,511,423.56. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,652 shares of company stock worth $11,157,589. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently added to or reduced their stakes in PEN. Janus Henderson Group PLC grew its stake in Penumbra by 128.1% in the third quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after purchasing an additional 375,684 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the period. Champlain Investment Partners LLC grew its holdings in shares of Penumbra by 20.6% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after purchasing an additional 264,122 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Penumbra in the third quarter valued at about $31,965,000. Finally, Braidwell LP raised its stake in Penumbra by 70.0% during the third quarter. Braidwell LP now owns 361,428 shares of the company’s stock worth $70,229,000 after acquiring an additional 148,834 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.