Royal Bank Of Canada Reaffirms Sector Perform Rating for Penumbra (NYSE:PEN)

Penumbra (NYSE:PEN)‘s stock had its “sector perform” rating reiterated by equities research analysts at Royal Bank Of Canada in a report issued on Thursday,Benzinga reports. They presently have a $374.00 price objective on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 17.73% from the company’s previous close.

PEN has been the topic of several other reports. UBS Group reiterated a “neutral” rating and set a $374.00 target price on shares of Penumbra in a report on Thursday, February 26th. Wall Street Zen upgraded Penumbra to a “hold” rating in a report on Saturday, May 9th. Citigroup lowered their price objective on shares of Penumbra from $374.00 to $350.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Finally, Evercore reissued an “outperform” rating and set a $335.00 target price on shares of Penumbra in a research report on Thursday, May 7th. Three analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $361.33.

Penumbra Stock Down 0.2%

Penumbra stock traded down $0.64 during trading on Thursday, reaching $317.68. 45,529 shares of the company’s stock were exchanged, compared to its average volume of 778,160. Penumbra has a 52-week low of $221.26 and a 52-week high of $362.41. The firm has a market cap of $12.49 billion, a price-to-earnings ratio of 73.24, a PEG ratio of 1.96 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.95 and a current ratio of 6.02. The company’s 50-day moving average is $325.89 and its two-hundred day moving average is $327.39.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.24). Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The company had revenue of $374.76 million during the quarter, compared to analysts’ expectations of $370.47 million. During the same period last year, the business earned $0.83 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, analysts predict that Penumbra will post 5.08 earnings per share for the current year.

Insider Activity at Penumbra

In other news, Director Harpreet Grewal sold 100 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the completion of the sale, the director directly owned 8,719 shares in the company, valued at approximately $2,861,750.18. The trade was a 1.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of hedge funds have recently added to or reduced their stakes in the business. Whitebox Advisors LLC acquired a new stake in shares of Penumbra during the first quarter worth $146,125,000. Artisan Partners Limited Partnership lifted its position in shares of Penumbra by 165.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company’s stock worth $184,715,000 after buying an additional 370,636 shares during the last quarter. William Blair Investment Management LLC acquired a new position in shares of Penumbra in the 4th quarter valued at about $107,567,000. Holocene Advisors LP bought a new stake in shares of Penumbra during the 3rd quarter valued at about $78,585,000. Finally, Amundi grew its position in shares of Penumbra by 302.9% during the 1st quarter. Amundi now owns 345,758 shares of the company’s stock valued at $113,537,000 after buying an additional 259,936 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

About Penumbra

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.