Canaccord Genuity Group Cuts Penumbra (NYSE:PEN) Price Target to $272.00

Penumbra (NYSE:PEN) had its price target reduced by equities researchers at Canaccord Genuity Group from $284.00 to $272.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 34.17% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday. Piper Sandler dropped their price objective on Penumbra from $290.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $289.00 target price on shares of Penumbra in a report 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 reduced their price objective on Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $300.64.

Penumbra Stock Down 3.5 %

Shares of PEN stock traded down $7.27 on Wednesday, reaching $202.73. 561,707 shares of the stock were exchanged, compared to its average volume of 348,795. The business’s 50 day moving average price is $221.64 and its 200 day moving average price is $232.02. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 87.36, a PEG ratio of 2.06 and a beta of 0.57. Penumbra has a twelve month low of $180.93 and a twelve month high of $348.67. The company has a current ratio of 6.06, a quick ratio of 3.49 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). The business had revenue of $278.70 million for the quarter, compared to analysts’ expectations of $274.94 million. Penumbra had a return on equity of 7.49% and a net margin of 8.59%. Penumbra’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. As a group, sell-side analysts expect that Penumbra will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Arani Bose sold 7,500 shares of Penumbra stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $250.20, for a total value of $1,876,500.00. Following the sale, the director now owns 164,294 shares of the company’s stock, valued at $41,106,358.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Penumbra news, Director Arani Bose sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $250.20, for a total transaction of $1,876,500.00. Following the transaction, the director now owns 164,294 shares in the company, valued at approximately $41,106,358.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Don W. Kassing sold 170 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $223.18, for a total value of $37,940.60. Following the transaction, the director now directly owns 1,175 shares of the company’s stock, valued at $262,236.50. 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 three months. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penumbra

Several institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp raised its holdings in Penumbra by 13.9% during the fourth quarter. Fifth Third Bancorp now owns 378 shares of the company’s stock worth $95,000 after purchasing an additional 46 shares during the last quarter. Signaturefd LLC grew its stake in Penumbra by 27.2% in the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after acquiring an additional 46 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Penumbra by 171.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after acquiring an additional 67 shares in the last quarter. Treasurer of the State of North Carolina raised its position in Penumbra by 0.4% during the third quarter. Treasurer of the State of North Carolina now owns 16,394 shares of the company’s stock worth $3,966,000 after acquiring an additional 70 shares during the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of Penumbra by 6.1% in the third quarter. M&T Bank Corp now owns 1,262 shares of the company’s stock valued at $305,000 after purchasing an additional 72 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.