JPMorgan Chase & Co. Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price target hoisted by analysts at JPMorgan Chase & Co. from $230.00 to $285.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 7.68% from the stock’s current price.

PEN has been the subject of several other research reports. Morgan Stanley increased their price target on Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Royal Bank of Canada lifted their target price on shares of Penumbra from $285.00 to $313.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist Financial boosted their price target on shares of Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday. BTIG Research raised their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $330.00 target price (up previously from $250.00) on shares of Penumbra in a report on Wednesday. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Stock Performance

PEN stock traded up $37.56 during mid-day trading on Wednesday, hitting $308.70. The company had a trading volume of 1,130,631 shares, compared to its average volume of 500,756. Penumbra has a 12 month low of $148.00 and a 12 month high of $308.57. The stock’s fifty day moving average price is $256.15 and its two-hundred day moving average price is $225.97. The firm has a market cap of $11.85 billion, a PE ratio of 358.95, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53. 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 Tuesday, February 18th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. On average, analysts forecast that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insider Activity at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the transaction, the director now directly owns 8,530 shares in the company, valued at approximately $2,058,118.40. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the completion of the sale, the executive vice president now owns 63,444 shares of the company’s stock, valued at $15,511,423.56. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,219 shares of company stock valued at $4,426,439 over the last three months. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PEN. True Wealth Design LLC purchased a new stake in shares of Penumbra in the 3rd quarter valued at $26,000. UMB Bank n.a. boosted its position in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after buying an additional 70 shares during the period. Hurley Capital LLC bought a new position in shares of Penumbra during the fourth quarter valued at about $56,000. Huntington National Bank increased its holdings in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares during the period. Finally, Mather Group LLC. lifted its stake in shares of Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after acquiring an additional 208 shares during the last quarter. 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.