Penumbra (NYSE:PEN) Given “Overweight” Rating at Piper Sandler

Penumbra (NYSE:PEN)‘s stock had its “overweight” rating restated by analysts at Piper Sandler in a note issued to investors on Wednesday,Benzinga reports. They presently have a $330.00 price objective on the stock, up from their previous price objective of $250.00. Piper Sandler’s price objective points to a potential upside of 21.78% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a report on Monday, December 9th. Wells Fargo & Company boosted their price target on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley boosted their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday. Finally, UBS Group assumed coverage on shares of Penumbra in a research report on Tuesday, January 21st. They issued a “buy” rating and a $305.00 price objective on the stock. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and a consensus target price of $278.50.

Penumbra Price Performance

PEN opened at $270.99 on Wednesday. The company has a fifty day moving average price of $255.58 and a two-hundred day moving average price of $225.29. 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 has a 52 week low of $148.00 and a 52 week high of $277.89. The firm has a market capitalization of $10.40 billion, a PE ratio of 315.10, a P/E/G ratio of 1.97 and a beta of 0.53.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. As a group, analysts anticipate that Penumbra will post 2.81 earnings per share for the current year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the sale, the chief executive officer now directly owns 837,582 shares of the company’s stock, valued at $203,498,922.72. The trade was a 1.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Harpreet Grewal sold 167 shares of the business’s 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 sale, the director now directly owns 8,530 shares in the company, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,219 shares of company stock valued at $4,426,439 in the last three months. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC raised its holdings in shares of Penumbra by 6.6% in the 4th quarter. Quadrant Capital Group LLC now owns 632 shares of the company’s stock valued at $150,000 after purchasing an additional 39 shares during the period. Pallas Capital Advisors LLC raised its holdings in shares of Penumbra by 3.8% in the 4th quarter. Pallas Capital Advisors LLC now owns 1,108 shares of the company’s stock valued at $263,000 after purchasing an additional 41 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Penumbra by 11.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares during the period. Baker Avenue Asset Management LP raised its holdings in shares of Penumbra by 1.6% in the 4th quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company’s stock valued at $791,000 after purchasing an additional 53 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in shares of Penumbra by 1.0% in the 4th quarter. Pacer Advisors Inc. now owns 5,721 shares of the company’s stock valued at $1,359,000 after purchasing an additional 57 shares during the period. 88.88% of the stock is owned by institutional investors.

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.