Penumbra (NYSE:PEN – Free Report) had its target price hoisted by Royal Bank of Canada from $205.00 to $222.00 in a research report released on Tuesday, Benzinga reports. They currently have an outperform rating on the stock.
PEN has been the subject of several other research reports. Wells Fargo & Company downgraded shares of Penumbra from an overweight rating to an equal weight rating and reduced their price target for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Citigroup boosted their price target on shares of Penumbra from $178.00 to $200.00 and gave the company a neutral rating in a report on Thursday, August 22nd. Robert W. Baird reduced their price target on shares of Penumbra from $231.00 to $180.00 and set an outperform rating for the company in a report on Wednesday, July 31st. Stifel Nicolaus initiated coverage on shares of Penumbra in a report on Tuesday, September 17th. They set a buy rating and a $238.00 price target for the company. Finally, Truist Financial reissued a buy rating and set a $200.00 price target (down previously from $230.00) on shares of Penumbra in a report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Penumbra presently has an average rating of Moderate Buy and an average price target of $209.42.
View Our Latest Research Report on PEN
Penumbra Stock Performance
Penumbra (NYSE:PEN – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 earnings per share. Research analysts expect that Penumbra will post 2.59 earnings per share for the current year.
Penumbra announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Insider Activity at Penumbra
In other Penumbra news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the sale, the chief executive officer now directly owns 927,582 shares in the company, valued at approximately $187,853,906.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares in the company, valued at approximately $1,659,648.51. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,368 shares of company stock worth $6,862,518 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Penumbra
A number of institutional investors have recently bought and sold shares of the stock. Creative Planning increased its stake in Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after purchasing an additional 71 shares in the last quarter. CWM LLC increased its stake in Penumbra by 29.7% in the 3rd quarter. CWM LLC now owns 2,011 shares of the company’s stock worth $391,000 after purchasing an additional 461 shares in the last quarter. Park Place Capital Corp increased its stake in Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares in the last quarter. Diversified Trust Co increased its stake in Penumbra by 22.8% in the 3rd quarter. Diversified Trust Co now owns 9,971 shares of the company’s stock worth $1,937,000 after purchasing an additional 1,852 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.
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.
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