Penumbra (NYSE:PEN) Sets New 12-Month High – Time to Buy?

Shares of Penumbra, Inc. (NYSE:PEN) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $311.56 and last traded at $312.8160, with a volume of 93587 shares changing hands. The stock had previously closed at $303.07.

Analysts Set New Price Targets

A number of equities analysts recently commented on PEN shares. Citigroup upgraded Penumbra from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $285.00 to $350.00 in a research report on Thursday. Wells Fargo & Company assumed coverage on Penumbra in a research note on Tuesday, November 18th. They issued an “underweight” rating for the company. Wall Street Zen cut shares of Penumbra from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. BTIG Research reissued a “buy” rating and issued a $320.00 price objective on shares of Penumbra in a report on Monday, October 27th. Finally, Truist Financial reduced their target price on shares of Penumbra from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $309.75.

Penumbra Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 6.73 and a quick ratio of 4.18. The firm has a market capitalization of $12.22 billion, a price-to-earnings ratio of 74.51, a PEG ratio of 2.37 and a beta of 0.66. The stock has a 50 day moving average price of $266.75 and a two-hundred day moving average price of $258.56.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, November 5th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.07. The company had revenue of $354.69 million during the quarter, compared to analysts’ expectations of $340.77 million. Penumbra had a return on equity of 11.35% and a net margin of 12.30%.Penumbra’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period last year, the business posted $0.85 EPS. As a group, analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Insider Activity

In related news, Director Harpreet Grewal sold 186 shares of Penumbra stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $248.61, for a total value of $46,241.46. Following the completion of the transaction, the director owned 8,702 shares in the company, valued at approximately $2,163,404.22. The trade was a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 1,800 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $300.06, for a total transaction of $540,108.00. Following the sale, the executive vice president owned 64,736 shares in the company, valued at approximately $19,424,684.16. This trade represents a 2.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 19,744 shares of company stock valued at $5,755,174. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mather Group LLC. purchased a new position in Penumbra in the third quarter valued at approximately $25,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Penumbra in the 2nd quarter valued at $30,000. Rothschild Investment LLC purchased a new position in shares of Penumbra in the 3rd quarter valued at $40,000. Parkside Financial Bank & Trust grew its position in shares of Penumbra by 70.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 66 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Penumbra by 53.0% in the third quarter. Covestor Ltd now owns 179 shares of the company’s stock valued at $46,000 after acquiring an additional 62 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other 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.