Penumbra (NYSE:PEN) Price Target Raised to $305.00 at Wells Fargo & Company

Penumbra (NYSE:PEN) had its target price increased by Wells Fargo & Company from $275.00 to $305.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

PEN has been the topic of a number of other reports. BTIG Research upped their target price on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Citigroup upped their target price on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Wednesday. Robert W. Baird upped their target price on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Piper Sandler upped their target price on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Penumbra has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Penumbra Price Performance

Shares of Penumbra stock opened at $303.55 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 stock has a market capitalization of $11.65 billion, a price-to-earnings ratio of 352.97, a P/E/G ratio of 1.97 and a beta of 0.53. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00. The firm’s 50-day moving average price is $256.15 and its two-hundred day moving average price is $225.97.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The firm had revenue of $315.52 million for the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. On average, equities analysts predict that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, Director Harpreet Grewal sold 167 shares of the 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 sale, the director now directly owns 8,530 shares in the company, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Lambert Shiu sold 1,798 shares of the 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 completion of the sale, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,219 shares of company stock worth $4,426,439. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several hedge funds have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of Penumbra during the fourth quarter worth $573,000. State Street Corp increased its position in shares of Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after acquiring an additional 3,863 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after acquiring an additional 358,932 shares in the last quarter. E. Ohman J or Asset Management AB increased its position in shares of Penumbra by 10.4% during the fourth quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock worth $5,061,000 after acquiring an additional 2,000 shares in the last quarter. Finally, AlphaCentric Advisors LLC bought a new stake in shares of Penumbra during the third quarter worth $777,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.