Penumbra (NYSE:PEN) Price Target Raised to $270.00 at BTIG Research

Penumbra (NYSE:PEN) had its price objective lifted by BTIG Research from $232.00 to $270.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

PEN has been the subject of a number of other reports. Truist Financial increased their price target on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Citigroup increased their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Stifel Nicolaus initiated coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. Finally, Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $230.92.

Penumbra Trading Up 1.7 %

Shares of NYSE:PEN opened at $248.96 on Tuesday. The stock has a 50 day moving average of $213.93 and a 200 day moving average of $197.63. The company has a market cap of $9.55 billion, a PE ratio of 289.49, a price-to-earnings-growth ratio of 2.48 and a beta of 0.51. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the prior year, the business posted $0.67 EPS. Penumbra’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Penumbra will post 2.79 EPS for the current year.

Penumbra announced that its board has approved a stock buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the completion of the transaction, the chief executive officer now owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This trade represents a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares in the company, valued at approximately $12,597,567.36. The trade was a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,748 shares of company stock worth $10,166,574. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several institutional investors have recently bought and sold shares of the business. True Wealth Design LLC acquired a new stake in shares of Penumbra in the third quarter valued at about $26,000. GAMMA Investing LLC lifted its stake in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after buying an additional 90 shares in the last quarter. WASHINGTON TRUST Co acquired a new stake in Penumbra in the 2nd quarter worth about $54,000. Park Place Capital Corp increased its stake in Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after buying an additional 339 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares during the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.