Zacks Investment Research upgraded shares of Penumbra Inc. (NYSE:PEN) from a hold rating to a buy rating in a report published on Thursday morning. Zacks Investment Research currently has $80.00 target price on the stock.
According to Zacks, “Penumbra, Inc. is an interventional therapies company. It designs, develops, manufactures and markets medical devices. The company’s portfolio of products primarily addresses neuro and peripheral vascular medical conditions and clinical needs. Neuro products include Neurovascular Access, Neuron Access System, BENCHMARK Intracranial Access System, Penumbra System, 3D, Penumbra Coil 400, Penumbra SMART Coil and LIBERTY stent. Peripheral vascular products include Ruby Coil System, Penumbra Occlusion Device and Indigo System. It operates primarily in U.S., Europe, Canada and Australia. Penumbra, Inc. is headquartered in Alameda, California. “
Separately, Canaccord Genuity set a $67.00 target price on Penumbra and gave the stock a buy rating in a research report on Wednesday, July 20th.
Shares of Penumbra (NYSE:PEN) traded up 0.87% during mid-day trading on Thursday, hitting $71.89. The stock had a trading volume of 8,742 shares. The company has a market cap of $2.23 billion and a PE ratio of 933.64. The stock’s 50-day moving average is $73.25 and its 200 day moving average is $61.74. Penumbra has a 12 month low of $35.31 and a 12 month high of $79.49.
Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.08. Penumbra had a return on equity of 1.48% and a net margin of 1.54%. The firm had revenue of $65.10 million for the quarter, compared to the consensus estimate of $58.18 million. During the same quarter last year, the company earned ($0.11) earnings per share. The business’s revenue for the quarter was up 53.9% compared to the same quarter last year. On average, equities research analysts forecast that Penumbra will post ($0.17) earnings per share for the current fiscal year.
In other news, CEO Adam Elsesser sold 57,200 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $71.07, for a total value of $4,065,204.00. Following the completion of the sale, the chief executive officer now directly owns 1,249,838 shares of the company’s stock, valued at approximately $88,825,986.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert D. Evans sold 5,300 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $71.03, for a total value of $376,459.00. Following the completion of the sale, the executive vice president now directly owns 2,538 shares of the company’s stock, valued at $180,274.14. The disclosure for this sale can be found here. Company insiders own 22.00% of the company’s stock.
Several large investors have recently bought and sold shares of PEN. JPMorgan Chase & Co. raised its stake in Penumbra by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 21,052 shares of the company’s stock valued at $968,000 after buying an additional 1,127 shares during the last quarter. Menta Capital LLC bought a new stake in Penumbra during the first quarter valued at about $460,000. Cupps Capital Management LLC acquired a new stake in shares of Penumbra during the first quarter worth about $2,695,000. State Street Corp raised its stake in shares of Penumbra by 17.3% in the first quarter. State Street Corp now owns 60,983 shares of the company’s stock worth $2,806,000 after buying an additional 8,986 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Penumbra by 86,078.0% in the first quarter. UBS Group AG now owns 215,445 shares of the company’s stock worth $9,910,000 after buying an additional 215,195 shares in the last quarter. 51.96% of the stock is owned by institutional investors and hedge funds.
Penumbra Company Profile
Penumbra, Inc (Penumbra) is an interventional therapies company. The Company designs, develops, manufactures and markets medical devices. The Company has a portfolio of products that addresses medical conditions and significant clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.
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