Penumbra (NYSE:PEN) Given New $260.00 Price Target at Piper Sandler

Penumbra (NYSE:PEN) had its target price decreased by Piper Sandler from $290.00 to $260.00 in a research note issued to investors on Wednesday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

PEN has been the topic of several other research reports. JPMorgan Chase & Co. downgraded Penumbra from an overweight rating to a neutral rating and cut their price target for the stock from $284.00 to $250.00 in a report on Friday, February 23rd. Royal Bank of Canada reiterated an outperform rating and issued a $289.00 price objective on shares of Penumbra in a report on Friday, February 23rd. Canaccord Genuity Group restated a buy rating and set a $284.00 price target on shares of Penumbra in a research note on Friday, February 23rd. TheStreet upgraded Penumbra from a d+ rating to a c- rating in a research note on Friday, January 12th. Finally, Truist Financial dropped their price target on Penumbra from $290.00 to $280.00 and set a buy rating on the stock in a research note on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Penumbra presently has an average rating of Moderate Buy and a consensus price target of $300.64.

Penumbra Price Performance

Shares of Penumbra stock traded up $6.31 on Wednesday, reaching $209.40. The company’s stock had a trading volume of 380,712 shares, compared to its average volume of 353,362. 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 has a 52-week low of $180.93 and a 52-week high of $348.67. The company has a market capitalization of $8.12 billion, a P/E ratio of 87.91, a PEG ratio of 2.06 and a beta of 0.57. The stock has a 50-day moving average price of $221.08 and a 200-day moving average price of $231.82.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.41 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 business had revenue of $278.70 million during the quarter, compared to analyst estimates of $274.94 million. During the same period last year, the company earned $0.23 EPS. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Analysts expect that Penumbra will post 2.85 EPS for the current year.

Insider Activity

In other Penumbra news, Director Don W. Kassing sold 170 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $223.18, for a total transaction of $37,940.60. Following the transaction, the director now owns 1,175 shares in the company, valued at $262,236.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Don W. Kassing sold 170 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $223.18, for a total transaction of $37,940.60. Following the completion of the transaction, the director now directly owns 1,175 shares of the company’s stock, valued at $262,236.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $217.07, for a total value of $130,242.00. Following the transaction, the executive vice president now directly owns 64,281 shares of the company’s stock, valued at $13,953,476.67. 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. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new stake in shares of Penumbra during the 4th quarter valued at $7,503,000. Allspring Global Investments Holdings LLC raised its stake in Penumbra by 19.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after purchasing an additional 42,876 shares during the period. Yousif Capital Management LLC raised its stake in Penumbra by 1.3% during the 4th quarter. Yousif Capital Management LLC now owns 18,399 shares of the company’s stock valued at $4,628,000 after purchasing an additional 234 shares during the period. Aigen Investment Management LP acquired a new stake in Penumbra during the 3rd quarter valued at $209,000. Finally, QRG Capital Management Inc. acquired a new stake in Penumbra during the 3rd quarter valued at $424,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.