Piper Sandler Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price target boosted by Piper Sandler from $235.00 to $250.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on PEN. Robert W. Baird boosted their target price on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Canaccord Genuity Group boosted their target price on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. BTIG Research boosted their target price on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Citigroup upped their price target on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Finally, Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Trading Up 1.8 %

NYSE PEN opened at $244.84 on Wednesday. Penumbra has a one year low of $148.00 and a one year high of $277.34. The company has a 50-day simple moving average of $211.55 and a 200-day simple moving average of $197.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The firm has a market capitalization of $9.40 billion, a PE ratio of 284.70, a price-to-earnings-growth ratio of 2.44 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating 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 business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the business posted $0.67 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities analysts forecast that Penumbra will post 2.79 earnings per share for the current year.

Penumbra announced that its board has initiated a share buyback plan on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Penumbra news, Director Harpreet Grewal sold 782 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the transaction, the director now owns 8,863 shares in the company, valued at approximately $1,809,026.93. This represents a 8.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,748 shares of company stock worth $10,166,574 over the last 90 days. 5.00% of the stock is owned by company insiders.

Institutional Trading of Penumbra

Several large investors have recently added to or reduced their stakes in PEN. Janus Henderson Group PLC grew its position in Penumbra by 128.1% in the third quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock worth $129,967,000 after acquiring an additional 375,684 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Penumbra by 3,832.3% in 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. Champlain Investment Partners LLC grew its position in Penumbra by 20.6% in the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after acquiring an additional 264,122 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Penumbra during the 3rd quarter worth $31,965,000. Finally, Braidwell LP boosted its holdings in shares of Penumbra by 70.0% during the 3rd quarter. Braidwell LP now owns 361,428 shares of the company’s stock worth $70,229,000 after buying an additional 148,834 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.