Penumbra’s (PEN) Hold Rating Reaffirmed at Needham & Company LLC

Penumbra (NYSE:PEN)‘s stock had its “hold” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports.

A number of other brokerages have also recently commented on PEN. Royal Bank of Canada raised their price target on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. BTIG Research raised their target price on shares of Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Piper Sandler restated an “overweight” rating and issued a $225.00 target price (up from $200.00) on shares of Penumbra in a research report on Friday, October 18th. Citigroup increased their price target on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Finally, Truist Financial lifted their price objective on shares of Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Penumbra presently has a consensus rating of “Moderate Buy” and a consensus target price of $220.17.

Penumbra Stock Performance

NYSE PEN opened at $206.55 on Friday. The firm has a 50-day moving average price of $198.07 and a two-hundred day moving average price of $193.99. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a market capitalization of $8.02 billion, a P/E ratio of 607.50, a P/E/G ratio of 2.35 and a beta of 0.54. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. The business had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 earnings per share. Analysts anticipate that Penumbra will post 2.58 earnings per share for the current year.

Penumbra announced that its Board of Directors has authorized a share repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the sale, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $204.56, for a total value of $3,068,400.00. Following the sale, the chief executive officer now owns 867,582 shares of the company’s stock, valued at $177,472,573.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,368 shares of company stock valued at $6,893,118 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of institutional investors have recently made changes to their positions in the stock. Pallas Capital Advisors LLC bought a new stake in Penumbra in the third quarter valued at approximately $220,000. State of Alaska Department of Revenue raised its holdings in Penumbra by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 4,490 shares of the company’s stock worth $872,000 after purchasing an additional 305 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Penumbra by 37.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,783 shares of the company’s stock worth $346,000 after purchasing an additional 488 shares during the period. Legacy Wealth Asset Management LLC boosted its stake in shares of Penumbra by 3.9% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after purchasing an additional 65 shares during the last quarter. Finally, E. Ohman J or Asset Management AB increased its position in shares of Penumbra by 26.1% during the third quarter. E. Ohman J or Asset Management AB now owns 19,312 shares of the company’s stock worth $3,753,000 after buying an additional 4,000 shares during the period. Institutional investors 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.