Piper Sandler Boosts Penumbra (NYSE:PEN) Price Target to $250.00

Penumbra (NYSE:PEN) had its price objective boosted by research analysts at Piper Sandler from $235.00 to $250.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 5.29% from the company’s previous close.

Other research analysts have also issued reports about the stock. Citigroup raised their target price on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Royal Bank of Canada lifted their price objective on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target for the company. Canaccord Genuity Group increased their price target on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $227.92.

Penumbra Stock Up 0.1 %

Shares of PEN traded up $0.32 during trading hours on Wednesday, reaching $237.43. The stock had a trading volume of 89,797 shares, compared to its average volume of 381,932. The company has a market capitalization of $9.11 billion, a price-to-earnings ratio of 276.08, a P/E/G ratio of 2.41 and a beta of 0.51. The firm has a 50-day simple moving average of $208.85 and a 200 day simple moving average of $196.42. 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 has a 12 month low of $148.00 and a 12 month high of $277.34.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. During the same quarter in the prior year, the company earned $0.67 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. Equities research analysts predict that Penumbra will post 2.79 earnings per share for the current fiscal year.

Penumbra announced that its Board of Directors has initiated a stock buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $239.74, for a total value of $143,844.00. Following the completion of the transaction, the executive vice president now directly owns 64,044 shares of the company’s stock, valued at approximately $15,353,908.56. This trade represents a 0.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. The trade was a 0.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,368 shares of company stock worth $6,931,374. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Penumbra

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PEN. Vanguard Group Inc. boosted its stake in shares of Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Penumbra by 2.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 29,054 shares of the company’s stock worth $6,490,000 after acquiring an additional 559 shares during the last quarter. EntryPoint Capital LLC boosted its stake in shares of Penumbra by 562.8% during the 1st quarter. EntryPoint Capital LLC now owns 517 shares of the company’s stock worth $115,000 after purchasing an additional 439 shares during the period. First Light Asset Management LLC bought a new position in Penumbra during the 1st quarter valued at about $8,471,000. Finally, Silvercrest Asset Management Group LLC increased its stake in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after purchasing an additional 55 shares during the period. 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.