Penumbra (NYSE:PEN) PT Lowered to $272.00 at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its target price decreased by equities researchers at Canaccord Genuity Group from $284.00 to $272.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 34.17% from the company’s current price.

Several other research firms also recently issued reports on PEN. Royal Bank of Canada reaffirmed an “outperform” rating and set a $289.00 price target on shares of Penumbra in a research note on Friday, February 23rd. TheStreet upgraded shares of Penumbra from a “d+” rating to a “c-” rating in a research note on Friday, January 12th. Piper Sandler dropped their target price on Penumbra from $290.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday. Finally, Truist Financial reduced their price target on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $300.64.

Penumbra Stock Down 3.5 %

Shares of NYSE:PEN traded down $7.27 during midday trading on Wednesday, hitting $202.73. The stock had a trading volume of 561,707 shares, compared to its average volume of 348,795. Penumbra has a 12 month low of $180.93 and a 12 month high of $348.67. The company has a market cap of $7.86 billion, a P/E ratio of 87.36, a PEG ratio of 2.06 and a beta of 0.57. The business’s 50-day simple moving average is $221.64 and its 200-day simple moving average is $232.02. The company has a quick ratio of 3.49, a current ratio of 6.06 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.01). Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The company had revenue of $278.70 million during the quarter, compared to the consensus estimate of $274.94 million. During the same quarter last year, the firm posted $0.23 earnings per share. The company’s quarterly revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts forecast that Penumbra will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, Director Don W. Kassing sold 778 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $234.72, for a total transaction of $182,612.16. Following the completion of the sale, the director now directly owns 1,345 shares in the company, valued at $315,698.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Penumbra news, Director Don W. Kassing sold 778 shares of Penumbra stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $234.72, for a total value of $182,612.16. Following the transaction, the director now directly owns 1,345 shares of the company’s stock, valued at approximately $315,698.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $237.68, for a total value of $142,608.00. Following the sale, the executive vice president now directly owns 62,997 shares of the company’s stock, valued at approximately $14,973,126.96. The disclosure for this sale can be found here. Insiders sold a total of 9,648 shares of company stock valued at $2,369,903 over the last quarter. 5.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in Penumbra in the fourth quarter valued at $85,222,000. Rock Springs Capital Management LP increased its position in shares of Penumbra by 37.6% during the third quarter. Rock Springs Capital Management LP now owns 503,750 shares of the company’s stock valued at $121,862,000 after buying an additional 137,750 shares during the period. Braidwell LP increased its position in shares of Penumbra by 133.7% during the fourth quarter. Braidwell LP now owns 222,792 shares of the company’s stock valued at $56,041,000 after buying an additional 127,477 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Penumbra by 81.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 222,279 shares of the company’s stock valued at $53,772,000 after acquiring an additional 99,754 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of Penumbra by 81.8% in the 3rd quarter. TD Asset Management Inc now owns 131,734 shares of the company’s stock worth $31,868,000 after acquiring an additional 59,266 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

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.