Penumbra (NYSE:PEN) Raised to Overweight at JPMorgan Chase & Co.

Penumbra (NYSE:PEN) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a $370.00 price target on the stock, up from their prior price target of $275.00. JPMorgan Chase & Co.‘s price target points to a potential upside of 19.66% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC raised their target price on shares of Penumbra from $326.00 to $388.00 and gave the company a “buy” rating in a research note on Wednesday. Wall Street Zen lowered Penumbra from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Royal Bank Of Canada restated an “outperform” rating and set a $355.00 target price on shares of Penumbra in a research note on Wednesday. Wells Fargo & Company began coverage on Penumbra in a research note on Tuesday, November 18th. They issued an “underweight” rating for the company. Finally, Canaccord Genuity Group boosted their price target on Penumbra from $355.00 to $359.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $328.80.

Penumbra Price Performance

PEN opened at $309.20 on Thursday. The firm has a market capitalization of $12.11 billion, a PE ratio of 73.97, a price-to-earnings-growth ratio of 2.54 and a beta of 0.66. 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 business’s 50-day moving average is $272.30 and its two-hundred day moving average is $260.05. Penumbra has a 1 year low of $221.26 and a 1 year high of $315.74.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.90 by $0.07. Penumbra had a net margin of 12.30% and a return on equity of 11.35%. The business had revenue of $354.69 million during the quarter, compared to analyst estimates of $340.77 million. During the same period in the prior year, the firm posted $0.85 earnings per share. The company’s quarterly revenue was up 17.8% on a year-over-year basis. Research analysts anticipate that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Johanna Roberts sold 1,800 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $300.06, for a total transaction of $540,108.00. Following the completion of the transaction, the executive vice president owned 64,736 shares of the company’s stock, valued at $19,424,684.16. This trade represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arani Bose sold 15,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $308.82, for a total transaction of $4,632,300.00. Following the completion of the sale, the director directly owned 258,462 shares in the company, valued at approximately $79,818,234.84. The trade was a 5.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 34,744 shares of company stock valued at $10,387,474. 4.20% of the stock is owned by insiders.

Institutional Trading of Penumbra

A number of hedge funds have recently modified their holdings of PEN. Abbot Financial Management Inc. lifted its holdings in shares of Penumbra by 1.3% in the 3rd quarter. Abbot Financial Management Inc. now owns 3,254 shares of the company’s stock worth $824,000 after acquiring an additional 42 shares during the last quarter. Glenview Trust Co raised its position in Penumbra by 5.0% in the third quarter. Glenview Trust Co now owns 904 shares of the company’s stock valued at $229,000 after purchasing an additional 43 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its stake in Penumbra by 0.5% during the third quarter. Northwestern Mutual Investment Management Company LLC now owns 8,693 shares of the company’s stock worth $2,202,000 after purchasing an additional 47 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Penumbra by 7.3% during the second quarter. GAMMA Investing LLC now owns 761 shares of the company’s stock worth $195,000 after buying an additional 52 shares during the period. Finally, Covestor Ltd grew its stake in shares of Penumbra by 53.0% in the third quarter. Covestor Ltd now owns 179 shares of the company’s stock valued at $46,000 after buying an additional 62 shares in 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.