Penumbra (NYSE:PEN) Rating Increased to Buy at StockNews.com

Penumbra (NYSE:PEN) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Other research analysts also recently issued reports about the company. Royal Bank of Canada increased their target price on Penumbra from $285.00 to $313.00 and gave the company an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group increased their price objective on shares of Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $330.00 price objective (up from $250.00) on shares of Penumbra in a research note on Wednesday. Wells Fargo & Company upped their target price on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Citigroup lifted their price target on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Stock Performance

Shares of NYSE PEN opened at $292.52 on Thursday. The company has a market cap of $11.27 billion, a P/E ratio of 860.35, a P/E/G ratio of 2.23 and a beta of 0.53. Penumbra has a 52-week low of $148.00 and a 52-week high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. The firm’s fifty day moving average is $258.16 and its two-hundred day moving average is $227.04.

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

Insider Buying and Selling

In other news, CAO Lambert Shiu sold 1,798 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $242.56, for a total value of $436,122.88. Following the transaction, the chief accounting officer now directly owns 20,682 shares in the company, valued at approximately $5,016,625.92. This represents a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was 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 directly owns 837,582 shares in the company, valued at $203,498,922.72. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,219 shares of company stock valued at $4,426,439. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of institutional investors have recently modified their holdings of PEN. True Wealth Design LLC bought a new position in Penumbra in the third quarter worth approximately $26,000. UMB Bank n.a. grew its position in shares of Penumbra by 57.4% during the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares in the last quarter. Hurley Capital LLC purchased a new position in shares of Penumbra during the fourth quarter valued at $56,000. Huntington National Bank raised its holdings in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after acquiring an additional 154 shares in the last quarter. Finally, Mather Group LLC. lifted its stake in Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after acquiring an additional 208 shares during the period. 88.88% of the stock is 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.