Piper Sandler Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its target price upped by Piper Sandler from $225.00 to $235.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 4.31% from the company’s current price.

Other equities analysts also recently issued reports about the company. BTIG Research increased their target price on Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Thursday. Royal Bank of Canada increased their target price on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Leerink Partners started coverage on Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective for the company. Finally, Robert W. Baird raised their price objective on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and a consensus target price of $226.67.

Penumbra Stock Performance

Shares of NYSE PEN traded up $14.01 during trading hours on Thursday, reaching $225.30. The stock had a trading volume of 546,131 shares, compared to its average volume of 381,674. The firm has a market cap of $8.75 billion, a price-to-earnings ratio of 667.82, a PEG ratio of 2.34 and a beta of 0.54. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $277.34. The firm has a 50-day moving average of $199.72 and a 200-day moving average of $193.55.

Penumbra (NYSE:PEN) last issued 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. The business had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 EPS. Equities research analysts predict that Penumbra will post 2.58 earnings per share for the current 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 outstanding shares. This buyback authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $190.76, for a total value of $114,456.00. Following the transaction, the executive vice president now owns 60,488 shares of the company’s stock, valued at approximately $11,538,690.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,368 shares of company stock worth $6,893,118 over the last quarter. 5.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock worth $823,681,000 after purchasing an additional 32,557 shares during the period. Champlain Investment Partners LLC increased its holdings in shares of Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after buying an additional 616,700 shares in the last quarter. William Blair Investment Management LLC increased its holdings in shares of Penumbra by 12.2% in the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after buying an additional 90,444 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Penumbra by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock valued at $58,906,000 after buying an additional 4,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Penumbra by 96.7% in the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after buying an additional 126,392 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.