Truist Financial Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price target raised by stock analysts at Truist Financial from $240.00 to $285.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 17.03% from the stock’s previous close.

A number of other brokerages have also issued reports on PEN. Piper Sandler boosted their target price on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Canaccord Genuity Group boosted their price objective on Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Leerink Partners began coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective for the company. Citigroup lifted their target price on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Wells Fargo & Company upgraded shares of Penumbra from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $190.00 to $275.00 in a research report on Wednesday, December 11th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and an average target price of $258.00.

Penumbra Stock Performance

Shares of PEN opened at $243.52 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm’s 50 day moving average is $231.36 and its 200-day moving average is $203.22. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The stock has a market capitalization of $9.35 billion, a P/E ratio of 283.16, a P/E/G ratio of 2.47 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the business posted $0.67 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Penumbra will post 2.81 EPS for the current fiscal year.

Insider Activity

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the transaction, the executive vice president now owns 63,444 shares in the company, valued at $15,511,423.56. The trade was a 0.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,418 shares of company stock worth $7,659,323 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

A number of institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its holdings in shares of Penumbra by 128.1% during the 3rd quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock valued at $129,967,000 after purchasing an additional 375,684 shares in the last quarter. Thrivent Financial for Lutherans increased its position in Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after buying an additional 358,932 shares during the last quarter. Champlain Investment Partners LLC raised its holdings in Penumbra by 20.6% during the third quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after buying an additional 264,122 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Penumbra in the third quarter worth about $31,965,000. Finally, Braidwell LP boosted its stake in shares of Penumbra by 70.0% during the 3rd quarter. Braidwell LP now owns 361,428 shares of the company’s stock worth $70,229,000 after acquiring an additional 148,834 shares in the last quarter. 88.88% of the stock is currently 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.