Robert W. Baird Boosts Penumbra (NYSE:PEN) Price Target to $328.00

Penumbra (NYSE:PEN) had its price objective upped by Robert W. Baird from $305.00 to $328.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts also recently weighed in on the stock. UBS Group started coverage on shares of Penumbra in a report on Tuesday, January 21st. They set a “buy” rating and a $305.00 price target on the stock. Piper Sandler increased their target price on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Oppenheimer assumed coverage on Penumbra in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price target for the company. Wells Fargo & Company raised Penumbra from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $190.00 to $275.00 in a report on Wednesday, December 11th. Finally, Truist Financial raised their price objective on Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $292.64.

Penumbra Stock Performance

Shares of NYSE PEN opened at $292.52 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. Penumbra has a one year low of $148.00 and a one year high of $310.00. The business’s 50-day moving average price is $258.16 and its two-hundred day moving average price is $227.04. The company has a market capitalization of $11.27 billion, a P/E ratio of 860.35, a price-to-earnings-growth ratio of 2.23 and a beta of 0.53.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. The business had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. Analysts anticipate that Penumbra will post 3.86 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the completion of the transaction, the chief executive officer now owns 837,582 shares of the company’s stock, valued at approximately $203,498,922.72. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harpreet Grewal sold 167 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the sale, the director now owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,219 shares of company stock worth $4,426,439. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several large investors have recently added to or reduced their stakes in PEN. Creative Planning increased its position in shares of Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after purchasing an additional 71 shares during the period. Blue Trust Inc. boosted its stake in Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock worth $92,000 after buying an additional 453 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Penumbra by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock valued at $41,604,000 after buying an additional 3,973 shares during the period. Bank Pictet & Cie Europe AG acquired a new position in shares of Penumbra in the 3rd quarter valued at $244,000. Finally, E. Ohman J or Asset Management AB lifted its holdings in shares of Penumbra by 26.1% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 19,312 shares of the company’s stock worth $3,753,000 after acquiring an additional 4,000 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.