JPMorgan Chase & Co. Boosts Penumbra (NYSE:PEN) Price Target to $275.00

Penumbra (NYSE:PEN) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $265.00 to $275.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 3.98% from the company’s previous close.

Several other brokerages also recently weighed in on PEN. BTIG Research reiterated a “buy” rating and issued a $320.00 price target on shares of Penumbra in a report on Monday, October 27th. William Blair upgraded shares of Penumbra to a “strong-buy” rating in a report on Friday, July 18th. Morgan Stanley increased their price target on shares of Penumbra from $260.00 to $266.00 and gave the stock an “equal weight” rating in a report on Thursday, July 31st. Canaccord Genuity Group increased their price target on shares of Penumbra from $350.00 to $355.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Citigroup cut their price target on shares of Penumbra from $320.00 to $285.00 and set a “neutral” rating on the stock in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $305.69.

Penumbra Stock Up 17.3%

Shares of PEN traded up $38.93 during mid-day trading on Thursday, hitting $264.47. 1,111,213 shares of the company traded hands, compared to its average volume of 480,597. Penumbra has a 1-year low of $221.26 and a 1-year high of $310.00. The business has a 50 day moving average of $256.21 and a 200 day moving average of $258.61. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $10.31 billion, a PE ratio of 70.34, a price-to-earnings-growth ratio of 2.10 and a beta of 0.51.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.07. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The company had revenue of $354.69 million for the quarter, compared to the consensus estimate of $340.77 million. During the same quarter in the prior year, the company earned $0.85 EPS. Penumbra’s quarterly revenue was up 17.8% on a year-over-year basis. Penumbra has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Penumbra will post 3.67 EPS for the current year.

Insider Buying and Selling at Penumbra

In other news, CEO Adam Elsesser sold 15,800 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $269.65, for a total transaction of $4,260,470.00. Following the sale, the chief executive officer owned 182,460 shares of the company’s stock, valued at $49,200,339. This trade represents a 7.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 186 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $248.61, for a total transaction of $46,241.46. Following the sale, the director directly owned 8,702 shares in the company, valued at $2,163,404.22. The trade was a 2.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 48,430 shares of company stock worth $12,504,268. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PEN. Invesco Ltd. lifted its position in shares of Penumbra by 1,139.3% during the 2nd quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock valued at $162,571,000 after buying an additional 582,369 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Penumbra by 437.0% during the 1st quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock valued at $188,159,000 after buying an additional 572,606 shares in the last quarter. Norges Bank purchased a new position in shares of Penumbra during the 2nd quarter valued at approximately $114,014,000. Lord Abbett & CO. LLC purchased a new position in shares of Penumbra during the 1st quarter valued at approximately $63,731,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Penumbra during the 2nd quarter valued at approximately $53,818,000. 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.