Penumbra (NYSE:PEN) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Penumbra (NYSE:PEN) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday morning.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their price target on shares of Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Truist Financial upped their target price on shares of Penumbra from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, April 24th. BTIG Research restated a “buy” rating on shares of Penumbra in a research report on Thursday, April 24th. Piper Sandler restated an “overweight” rating and set a $330.00 target price (up from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. Finally, Robert W. Baird upped their target price on shares of Penumbra from $316.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $302.40.

Penumbra Trading Up 0.7%

Shares of Penumbra stock opened at $268.72 on Friday. Penumbra has a 52-week low of $148.00 and a 52-week high of $310.00. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02. The company’s 50-day simple moving average is $279.45 and its 200-day simple moving average is $265.62. The firm has a market cap of $10.41 billion, a price-to-earnings ratio of 790.35, a price-to-earnings-growth ratio of 2.83 and a beta of 0.53.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business had revenue of $324.14 million for the quarter, compared to analyst estimates of $315.72 million. During the same period in the previous year, the business posted $0.41 earnings per share. The business’s revenue was up 16.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Penumbra will post 3.67 earnings per share for the current year.

Insider Activity at Penumbra

In other Penumbra news, CAO Lambert Shiu sold 501 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $282.88, for a total transaction of $141,722.88. Following the transaction, the chief accounting officer now owns 32,969 shares of the company’s stock, valued at $9,326,270.72. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 61,600 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $283.59, for a total transaction of $17,469,144.00. Following the transaction, the chief executive officer now directly owns 16,376 shares in the company, valued at approximately $4,644,069.84. This represents a 79.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 176,696 shares of company stock valued at $50,207,745. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of large investors have recently bought and sold shares of PEN. Vanguard Group Inc. increased its position in shares of Penumbra by 0.7% in the first quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company’s stock worth $982,825,000 after acquiring an additional 24,727 shares in the last quarter. RTW Investments LP grew its stake in shares of Penumbra by 8.4% in the 4th quarter. RTW Investments LP now owns 862,450 shares of the company’s stock worth $204,815,000 after purchasing an additional 66,700 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after purchasing an additional 138,387 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Penumbra by 47.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company’s stock worth $167,913,000 after purchasing an additional 227,506 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Penumbra by 437.0% in the 1st quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock worth $188,159,000 after purchasing an additional 572,606 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

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.