Penumbra’s (PEN) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Penumbra (NYSE:PEN) in a research note published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $326.00 price objective on the stock.

PEN has been the subject of a number of other reports. Truist Financial decreased their price target on Penumbra from $310.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. Wells Fargo & Company set a $290.00 target price on Penumbra in a research note on Wednesday, October 1st. UBS Group set a $335.00 price target on Penumbra and gave the company a “buy” rating in a report on Wednesday, July 30th. William Blair raised shares of Penumbra to a “strong-buy” rating in a report on Friday, July 18th. Finally, Robert W. Baird boosted their price objective on shares of Penumbra from $283.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $305.94.

Penumbra Stock Down 1.0%

PEN stock opened at $233.18 on Monday. Penumbra has a fifty-two week low of $207.58 and a fifty-two week high of $310.00. The company’s 50 day moving average price is $259.61 and its 200 day moving average price is $260.21. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 62.02, a PEG ratio of 2.12 and a beta of 0.41.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The company had revenue of $339.46 million during the quarter, compared to analysts’ expectations of $327.37 million. During the same quarter in the previous year, the business posted $0.64 EPS. The firm’s revenue was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that Penumbra will post 3.67 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Arani Bose sold 12,000 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $250.65, for a total value of $3,007,800.00. Following the completion of the sale, the director directly owned 558 shares of the company’s stock, valued at approximately $139,862.70. This represents a 95.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Wilder sold 372 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total value of $89,339.52. Following the transaction, the director directly owned 372 shares in the company, valued at approximately $89,339.52. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 64,460 shares of company stock valued at $16,322,614 in the last quarter. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Concurrent Investment Advisors LLC acquired a new stake in shares of Penumbra in the 1st quarter worth $259,000. GAMMA Investing LLC increased its stake in shares of Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company’s stock worth $190,000 after acquiring an additional 263 shares during the period. Fortis Capital Advisors LLC acquired a new position in shares of Penumbra during the first quarter worth about $732,000. Belpointe Asset Management LLC purchased a new position in Penumbra during the first quarter worth about $732,000. Finally, E. Ohman J or Asset Management AB lifted its position in Penumbra by 10.2% in the second quarter. E. Ohman J or Asset Management AB now owns 18,312 shares of the company’s stock valued at $4,699,000 after purchasing an additional 1,700 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.