Penumbra (NYSE:PEN) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Shares of Penumbra, Inc. (NYSE:PEN) crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $321.17 and traded as high as $322.80. Penumbra shares last traded at $320.9220, with a volume of 278,513 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PEN. Evercore reissued an “outperform” rating and issued a $320.00 target price on shares of Penumbra in a research note on Monday, July 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Penumbra in a research note on Thursday. Finally, Zacks Research upgraded shares of Penumbra from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Three investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $367.07.

Penumbra Price Performance

The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $12.64 billion, a P/E ratio of 78.85, a price-to-earnings-growth ratio of 2.20 and a beta of 0.70. The stock has a 50 day moving average of $321.17 and a 200-day moving average of $322.20.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.28). Penumbra had a net margin of 10.67% and a return on equity of 10.50%. The business had revenue of $390.05 million for the quarter, compared to analysts’ expectations of $389.64 million. During the same quarter in the previous year, the firm earned $0.86 EPS. Penumbra’s revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts anticipate that Penumbra, Inc. will post 4.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PEN. Hsbc Holdings PLC lifted its holdings in Penumbra by 2.3% during the 4th quarter. Hsbc Holdings PLC now owns 1,527 shares of the company’s stock valued at $475,000 after buying an additional 35 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Penumbra by 48.7% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 116 shares of the company’s stock worth $37,000 after acquiring an additional 38 shares in the last quarter. Parallel Advisors LLC grew its stake in Penumbra by 26.9% in the 1st quarter. Parallel Advisors LLC now owns 288 shares of the company’s stock worth $95,000 after acquiring an additional 61 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Penumbra by 7.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,059 shares of the company’s stock worth $348,000 after acquiring an additional 74 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Penumbra during the second quarter worth approximately $25,000. 88.88% of the stock is currently owned by institutional investors.

Penumbra Company Profile

Penumbra, Inc is a medical device company that develops, manufactures and markets products used to treat vascular conditions and other serious medical disorders. The company is best known for its minimally invasive technologies designed to remove blood clots, restore blood flow and support the treatment of neurovascular conditions, including ischemic stroke.

Its product portfolio includes aspiration and thrombectomy systems, embolization devices, access and delivery systems, and other technologies used by physicians in neurointerventional and peripheral vascular procedures.