BTIG Research Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its target price upped by investment analysts at BTIG Research from $232.00 to $270.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price indicates a potential upside of 9.59% from the stock’s previous close.

A number of other analysts also recently commented on PEN. Canaccord Genuity Group increased their price target on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Royal Bank of Canada boosted their price target on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Stifel Nicolaus started coverage on shares of Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Finally, Leerink Partners assumed coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Penumbra has an average rating of “Moderate Buy” and an average price target of $230.92.

Penumbra Stock Up 0.7 %

Shares of NYSE:PEN traded up $1.69 during mid-day trading on Tuesday, hitting $246.37. 51,963 shares of the company traded hands, compared to its average volume of 379,967. The stock has a 50-day moving average price of $212.69 and a two-hundred day moving average price of $197.37. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The stock has a market cap of $9.46 billion, a P/E ratio of 285.93, a P/E/G ratio of 2.48 and a beta of 0.51. 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 posted its quarterly earnings data 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 firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.67 EPS. On average, equities research analysts forecast that Penumbra will post 2.79 earnings per share for the current year.

Penumbra declared that its Board of Directors has approved a stock repurchase program on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the transaction, the director now directly owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. This trade represents a 8.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $239.74, for a total value of $143,844.00. Following the sale, the executive vice president now owns 64,044 shares of the company’s stock, valued at $15,353,908.56. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,748 shares of company stock valued at $10,166,574 in the last quarter. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

Several institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised 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. Silvercrest Asset Management Group LLC raised its position in Penumbra by 3.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after purchasing an additional 55 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after buying an additional 62 shares during the period. Legacy Wealth Asset Management LLC grew its position in shares of Penumbra by 3.9% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock worth $336,000 after buying an additional 65 shares during the last quarter. Finally, Creative Planning increased its stake 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 during the period. 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.