Penumbra (NYSE:PEN) Hits New 12-Month High – Here’s Why

Penumbra, Inc. (NYSE:PEN) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $277.89 and last traded at $276.01, with a volume of 690262 shares trading hands. The stock had previously closed at $268.20.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PEN. Oppenheimer started coverage on shares of Penumbra in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price objective on the stock. Wells Fargo & Company raised Penumbra from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $190.00 to $275.00 in a research note on Wednesday, December 11th. Piper Sandler lifted their price objective on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Robert W. Baird increased their target price on shares of Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $261.36.

Penumbra Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The business has a 50 day moving average of $247.22 and a two-hundred day moving average of $215.04. The firm has a market capitalization of $10.53 billion, a price-to-earnings ratio of 318.89, a P/E/G ratio of 2.02 and a beta of 0.52.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. During the same quarter last year, the firm posted $0.67 EPS. Penumbra’s revenue was up 11.1% compared to the same quarter last year. Equities analysts predict that Penumbra, Inc. will post 2.81 EPS for the current year.

Insider Activity at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the sale, the director now owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total transaction of $3,559,200.00. Following the transaction, the chief executive officer now directly owns 852,582 shares of the company’s stock, valued at $202,300,656.96. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,819 shares of company stock valued at $8,129,483 over the last 90 days. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Institutional investors have recently bought and sold shares of the company. True Wealth Design LLC purchased a new position in shares of Penumbra during the 3rd quarter valued at $26,000. GAMMA Investing LLC raised its stake in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares during the period. UMB Bank n.a. lifted its holdings in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after purchasing an additional 70 shares during the last quarter. Park Place Capital Corp boosted its position in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Penumbra by 1,845.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares in the last quarter. Hedge funds and other 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.