Penumbra (NYSE:PEN) Stock Rating Upgraded by Needham & Company LLC

Penumbra (NYSE:PEN) was upgraded by analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage currently has a $326.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 24.67% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group set a $350.00 price target on shares of Penumbra and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Citigroup dropped their price target on shares of Penumbra from $320.00 to $285.00 and set a “neutral” rating for the company in a research note on Wednesday, July 9th. Wall Street Zen downgraded shares of Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Royal Bank Of Canada lowered their target price on shares of Penumbra from $330.00 to $325.00 and set an “outperform” rating for the company in a research note on Wednesday, July 30th. Finally, Truist Financial set a $310.00 target price on shares of Penumbra and gave the company a “buy” rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $303.44.

Penumbra Trading Up 1.0%

PEN opened at $261.50 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04. The company has a market cap of $10.20 billion, a price-to-earnings ratio of 69.55, a price-to-earnings-growth ratio of 2.33 and a beta of 0.41. The firm has a 50 day simple moving average of $258.86 and a 200 day simple moving average of $262.25. Penumbra has a fifty-two week low of $192.54 and a fifty-two week high of $310.00.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. The business had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. Penumbra’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Penumbra will post 3.67 earnings per share for the current year.

Insider Activity at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $249.70, for a total transaction of $149,820.00. Following the completion of the sale, the executive vice president owned 64,257 shares of the company’s stock, valued at $16,044,972.90. This represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Wilder sold 186 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $253.93, for a total transaction of $47,230.98. Following the sale, the director directly owned 186 shares of the company’s stock, valued at $47,230.98. This represents a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,610 shares of company stock valued at $20,088,148 over the last three months. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several large investors have recently made changes to their positions in the stock. AdvisorNet Financial Inc increased its position in shares of Penumbra by 15,700.0% during the third quarter. AdvisorNet Financial Inc now owns 316 shares of the company’s stock worth $80,000 after acquiring an additional 314 shares in the last quarter. Sheets Smith Investment Management boosted its holdings in Penumbra by 2.8% during the third quarter. Sheets Smith Investment Management now owns 4,407 shares of the company’s stock worth $1,116,000 after purchasing an additional 120 shares during the last quarter. Oak Thistle LLC boosted its holdings in Penumbra by 12.8% during the third quarter. Oak Thistle LLC now owns 2,366 shares of the company’s stock worth $599,000 after purchasing an additional 268 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in Penumbra by 4.1% during the second quarter. Corient Private Wealth LLC now owns 2,335 shares of the company’s stock worth $599,000 after purchasing an additional 92 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Penumbra by 58.7% during the second quarter. Texas Permanent School Fund Corp now owns 25,646 shares of the company’s stock worth $6,582,000 after purchasing an additional 9,491 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

About Penumbra

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.