Penumbra (NYSE:PEN) Price Target Cut to $260.00 by Analysts at Piper Sandler

Penumbra (NYSE:PEN) had its price target reduced by investment analysts at Piper Sandler from $290.00 to $260.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 28.86% from the stock’s previous close.

PEN has been the topic of several other research reports. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $289.00 price objective on shares of Penumbra in a research note on Friday, February 23rd. Truist Financial dropped their price objective on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Canaccord Genuity Group restated a “buy” rating and set a $284.00 price target on shares of Penumbra in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. lowered shares of Penumbra from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $284.00 to $250.00 in a report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Penumbra presently has an average rating of “Moderate Buy” and a consensus target price of $301.73.

Penumbra Stock Performance

Shares of PEN traded down $8.23 during trading hours on Wednesday, hitting $201.77. The company had a trading volume of 491,010 shares, compared to its average volume of 347,992. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 88.45, a PEG ratio of 2.06 and a beta of 0.57. The company has a quick ratio of 3.49, a current ratio of 6.06 and a debt-to-equity ratio of 0.02. Penumbra has a 12 month low of $180.93 and a 12 month high of $348.67. The business has a fifty day moving average of $221.64 and a 200-day moving average of $232.02.

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

Insider Buying and Selling

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $237.68, for a total transaction of $142,608.00. Following the transaction, the executive vice president now directly owns 62,997 shares in the company, valued at $14,973,126.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $237.68, for a total value of $142,608.00. Following the transaction, the executive vice president now owns 62,997 shares in the company, valued at $14,973,126.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arani Bose sold 7,500 shares of the firm’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 completion of the transaction, the director now owns 164,294 shares in the company, valued at approximately $41,106,358.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,648 shares of company stock valued at $2,369,903. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Penumbra by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock valued at $920,159,000 after buying an additional 58,184 shares during the period. Invesco Ltd. increased its holdings in shares of Penumbra by 6.4% during the third quarter. Invesco Ltd. now owns 551,923 shares of the company’s stock valued at $133,516,000 after acquiring an additional 33,107 shares in the last quarter. Rock Springs Capital Management LP increased its holdings in shares of Penumbra by 37.6% during the third quarter. Rock Springs Capital Management LP now owns 503,750 shares of the company’s stock valued at $121,862,000 after acquiring an additional 137,750 shares in the last quarter. Norges Bank bought a new position in shares of Penumbra during the fourth quarter valued at $85,222,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Penumbra by 19.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 265,155 shares of the company’s stock valued at $66,697,000 after acquiring an additional 42,876 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.