Zacks Investment Research upgraded shares of Penumbra (NYSE:PEN) from a sell rating to a hold rating in a report published on Wednesday.
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. “
Other equities research analysts have also issued reports about the company. BMO Capital Markets lowered Penumbra from an outperform rating to a market perform rating and decreased their price target for the stock from $117.00 to $110.00 in a research report on Tuesday, December 12th. They noted that the move was a valuation call. Canaccord Genuity increased their price target on Penumbra from $100.00 to $113.00 and gave the stock a buy rating in a research report on Wednesday, November 8th. Finally, JPMorgan Chase & Co. lowered Penumbra from an overweight rating to a neutral rating in a research report on Tuesday, January 2nd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Penumbra has an average rating of Hold and a consensus price target of $111.50.
Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.01 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.07. The business had revenue of $83.90 million for the quarter, compared to analyst estimates of $79.17 million. Penumbra had a negative return on equity of 1.95% and a negative net margin of 2.19%. Penumbra’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) EPS. equities analysts predict that Penumbra will post -0.15 EPS for the current year.
In other Penumbra news, CEO Adam Elsesser sold 24,444 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $105.83, for a total value of $2,586,908.52. Following the transaction, the chief executive officer now directly owns 1,231,338 shares in the company, valued at approximately $130,312,500.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bridget O’rourke sold 429 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $106.60, for a total value of $45,731.40. The disclosure for this sale can be found here. Insiders sold a total of 345,026 shares of company stock worth $35,069,882 over the last quarter. Corporate insiders own 13.50% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Penumbra by 10.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,159 shares of the company’s stock valued at $102,000 after buying an additional 114 shares during the last quarter. Simplex Trading LLC boosted its position in Penumbra by 116.2% in the 4th quarter. Simplex Trading LLC now owns 1,911 shares of the company’s stock valued at $179,000 after buying an additional 1,027 shares during the last quarter. Verition Fund Management LLC bought a new position in Penumbra in the 2nd quarter valued at $213,000. Teacher Retirement System of Texas bought a new position in Penumbra in the 3rd quarter valued at $214,000. Finally, Ameritas Investment Partners Inc. boosted its position in Penumbra by 10.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the company’s stock valued at $226,000 after buying an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 71.71% of the company’s stock.
Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and 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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