Penumbra (NYSE:PEN) Price Target Raised to $260.00

Penumbra (NYSE:PEN) had its price objective upped by research analysts at Morgan Stanley from $240.00 to $260.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 14.14% from the stock’s current price.

PEN has been the topic of several other reports. Citigroup raised their target price on Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Oppenheimer assumed coverage on Penumbra in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Wednesday. Canaccord Genuity Group raised their target price on Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Truist Financial raised their target price on Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Three 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $292.64.

Penumbra Stock Down 0.3 %

Shares of Penumbra stock opened at $302.82 on Wednesday. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The business’s 50 day simple moving average is $257.15 and its 200-day simple moving average is $226.51. The stock has a market capitalization of $11.62 billion, a price-to-earnings ratio of 890.64, a PEG ratio of 1.99 and a beta of 0.53. Penumbra has a twelve month low of $148.00 and a twelve month 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 for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a return on equity of 9.73% and a net margin of 1.17%. The business had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Equities research analysts forecast that Penumbra will post 3.86 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction on Friday, November 29th. The stock was sold at an average price of $242.56, for a total transaction of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction 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 transaction, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,219 shares of company stock worth $4,426,439 in the last three months. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PEN. Creative Planning grew its holdings in shares of Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after buying an additional 71 shares in the last quarter. Blue Trust Inc. boosted its position in Penumbra by 808.9% during the third quarter. Blue Trust Inc. now owns 509 shares of the company’s stock valued at $92,000 after purchasing an additional 453 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Penumbra by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 214,113 shares of the company’s stock valued at $41,604,000 after purchasing an additional 3,973 shares during the last quarter. Bank Pictet & Cie Europe AG acquired a new stake in Penumbra during the third quarter valued at $244,000. Finally, E. Ohman J or Asset Management AB boosted its position in Penumbra by 26.1% during the third quarter. E. Ohman J or Asset Management AB now owns 19,312 shares of the company’s stock valued at $3,753,000 after purchasing an additional 4,000 shares during 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.