UBS Group Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective increased by UBS Group from $305.00 to $320.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

PEN has been the subject of several other research reports. Robert W. Baird raised their price target on shares of Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $330.00 price target (up previously from $250.00) on shares of Penumbra in a research note on Wednesday. Morgan Stanley raised their price target on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research note on Wednesday. Citigroup raised their price target on shares of Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Finally, Oppenheimer started coverage on shares of Penumbra in a research note on Tuesday, December 17th. They set an “outperform” rating and a $275.00 price target for the company. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Price Performance

Shares of NYSE:PEN opened at $292.52 on Wednesday. The company has a market cap of $11.27 billion, a price-to-earnings ratio of 860.35, a PEG ratio of 2.23 and a beta of 0.53. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The firm has a 50 day simple moving average of $258.16 and a 200 day simple moving average of $227.04. Penumbra has a one year low of $148.00 and a one year high of $310.00.

Penumbra (NYSE:PEN) last issued its quarterly earnings data 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 the consensus estimate of $311.63 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. Research analysts predict that Penumbra will post 3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, CAO Lambert Shiu sold 1,798 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $242.56, for a total value of $436,122.88. Following the completion of the sale, the chief accounting officer now directly owns 20,682 shares in the company, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the completion of the sale, the executive vice president now owns 63,444 shares of the company’s stock, valued at $15,511,423.56. The trade was a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,219 shares of company stock worth $4,426,439. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. True Wealth Design LLC acquired a new position in shares of Penumbra during the third quarter valued at about $26,000. UMB Bank n.a. grew its holdings in shares of Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after buying an additional 70 shares during the last quarter. Hurley Capital LLC acquired a new position in shares of Penumbra during the fourth quarter valued at about $56,000. Huntington National Bank grew its holdings in shares of Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after buying an additional 154 shares during the last quarter. Finally, Mather Group LLC. grew its holdings in shares of Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after buying an additional 208 shares during the last quarter. 88.88% of the stock is currently 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.