Penumbra (NYSE:PEN) Coverage Initiated at Bank of America

Bank of America started coverage on shares of Penumbra (NYSE:PEN) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $320.00 price target on the stock. Bank of America‘s target price would suggest a potential upside of 17.00% from the company’s current price.

A number of other equities analysts also recently issued reports on PEN. Robert W. Baird upped their price target on Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. StockNews.com downgraded Penumbra from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Citigroup upped their price target on Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $294.47.

Penumbra Stock Performance

Shares of Penumbra stock opened at $273.51 on Friday. The business has a 50-day simple moving average of $269.89 and a 200-day simple moving average of $237.62. 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 company has a market cap of $10.53 billion, a PE ratio of 804.45, a P/E/G ratio of 2.83 and a beta of 0.51. Penumbra has a one year low of $148.00 and a one year high of $310.00.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The firm had revenue of $315.52 million during the quarter, compared to the consensus estimate of $311.63 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. On average, equities research analysts forecast that Penumbra will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $287.43, for a total value of $172,458.00. Following the completion of the sale, the executive vice president now directly owns 66,539 shares in the company, valued at $19,125,304.77. This trade represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 79,918 shares of company stock worth $22,054,293. 5.00% of the stock is owned by corporate insiders.

Institutional Trading of Penumbra

Several large investors have recently bought and sold shares of PEN. Quadrant Capital Group LLC boosted its stake in shares of Penumbra by 6.6% during the fourth quarter. Quadrant Capital Group LLC now owns 632 shares of the company’s stock valued at $150,000 after acquiring an additional 39 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in shares of Penumbra by 3.8% during the fourth quarter. Pallas Capital Advisors LLC now owns 1,108 shares of the company’s stock valued at $263,000 after acquiring an additional 41 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after acquiring an additional 43 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Penumbra by 1.6% during the fourth quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company’s stock valued at $791,000 after acquiring an additional 53 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Penumbra by 1.0% during the fourth quarter. Pacer Advisors Inc. now owns 5,721 shares of the company’s stock valued at $1,359,000 after acquiring an additional 57 shares during the last quarter. 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.