Truist Financial Raises Penumbra (NYSE:PEN) Price Target to $325.00

Penumbra (NYSE:PEN) had its target price hoisted by Truist Financial from $285.00 to $325.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently weighed in on PEN. Canaccord Genuity Group boosted their price objective on Penumbra from $323.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday. BTIG Research increased their price target on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Wells Fargo & Company increased their price objective on Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley increased their price objective on Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and an average price target of $292.64.

Penumbra Trading Up 12.0 %

Shares of PEN opened at $303.55 on Wednesday. The business’s 50-day moving average price is $256.15 and its 200 day moving average price is $225.97. The stock has a market capitalization of $11.65 billion, a P/E ratio of 352.97, a P/E/G ratio of 1.97 and a beta of 0.53. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. The company had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. Analysts expect that Penumbra will post 2.81 earnings per share for the current year.

Insider Buying and Selling at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the sale, the director now owns 8,530 shares in the company, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now 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. Over the last quarter, insiders sold 18,219 shares of company stock valued at $4,426,439. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PEN. Quadrant Capital Group LLC lifted its stake in Penumbra by 6.6% in the 4th quarter. Quadrant Capital Group LLC now owns 632 shares of the company’s stock worth $150,000 after purchasing an additional 39 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in Penumbra by 3.8% in the 4th quarter. Pallas Capital Advisors LLC now owns 1,108 shares of the company’s stock worth $263,000 after purchasing an additional 41 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Penumbra by 11.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after purchasing an additional 43 shares in the last quarter. Baker Avenue Asset Management LP lifted its stake in Penumbra by 1.6% in the 4th quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company’s stock worth $791,000 after purchasing an additional 53 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Penumbra by 1.0% in the 4th quarter. Pacer Advisors Inc. now owns 5,721 shares of the company’s stock worth $1,359,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors 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.