Canaccord Genuity Group Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its target price boosted by analysts at Canaccord Genuity Group from $260.00 to $323.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 35.70% from the company’s current price.

Several other research analysts have also issued reports on the company. Truist Financial increased their price objective on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Piper Sandler lifted their price target on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. BTIG Research upped their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Leerink Partners began coverage on Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price on the stock. Finally, Citigroup increased their price target on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Five 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $238.25.

Penumbra Price Performance

Shares of PEN stock traded up $0.79 during mid-day trading on Monday, reaching $238.02. The company’s stock had a trading volume of 53,105 shares, compared to its average volume of 374,861. The firm’s 50-day moving average is $222.02 and its two-hundred day moving average is $199.94. The company has a market cap of $9.14 billion, a P/E ratio of 276.73, a PEG ratio of 2.39 and a beta of 0.51. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the prior year, the business posted $0.67 earnings per share. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, research analysts predict that Penumbra will post 2.81 earnings per share for the current year.

Penumbra announced that its board has approved a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,418 shares of company stock worth $10,624,973. Insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

A number of institutional investors have recently modified their holdings of PEN. Renaissance Technologies LLC bought a new position in shares of Penumbra in the 2nd quarter valued at about $17,943,000. Thrivent Financial for Lutherans raised its stake in shares of Penumbra by 3,832.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after purchasing an additional 358,932 shares in the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of Penumbra in the 3rd quarter valued at approximately $1,092,000. AlphaCentric Advisors LLC acquired a new position in Penumbra during the third quarter worth $777,000. Finally, LMR Partners LLP acquired a new position in shares of Penumbra during the 3rd quarter worth about $2,330,000. 88.88% of the stock is currently owned by 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.