Penumbra Inc. (PEN) Rating Increased to Buy at Zacks Investment Research
Penumbra Inc. (NYSE:PEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $80.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 11.51% from the stock’s previous close.
According to Zacks, “Penumbra, Inc. is an interventional therapies company. It designs, develops, manufactures and markets medical devices. The company’s portfolio of products primarily addresses neuro and peripheral vascular medical conditions and clinical needs. Neuro products include Neurovascular Access, Neuron Access System, BENCHMARK Intracranial Access System, Penumbra System, 3D, Penumbra Coil 400, Penumbra SMART Coil and LIBERTY stent. Peripheral vascular products include Ruby Coil System, Penumbra Occlusion Device and Indigo System. It operates primarily in U.S., Europe, Canada and Australia. Penumbra, Inc. is headquartered in Alameda, California. “
Separately, Canaccord Genuity set a $67.00 target price on shares of Penumbra and gave the stock a “buy” rating in a report on Wednesday, July 20th. Five analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and an average target price of $59.75.
Penumbra (NYSE:PEN) opened at 71.74 on Thursday. The stock has a market cap of $2.23 billion and a P/E ratio of 931.69. The stock has a 50 day moving average price of $73.24 and a 200 day moving average price of $61.67. Penumbra has a 12-month low of $35.31 and a 12-month high of $79.49.
Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, August 9th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.08. The company earned $65.10 million during the quarter, compared to the consensus estimate of $58.18 million. Penumbra had a net margin of 1.54% and a return on equity of 1.48%. Penumbra’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) EPS. On average, analysts forecast that Penumbra will post ($0.17) earnings per share for the current fiscal year.
In other Penumbra news, insider Arani Bose sold 61,000 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $70.72, for a total transaction of $4,313,920.00. Following the completion of the transaction, the insider now owns 742,891 shares of the company’s stock, valued at approximately $52,537,251.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert D. Evans sold 6,300 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $73.00, for a total transaction of $459,900.00. Following the transaction, the executive vice president now directly owns 2,538 shares of the company’s stock, valued at approximately $185,274. The disclosure for this sale can be found here. Company insiders own 22.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cortina Asset Management LLC bought a new position in Penumbra during the second quarter valued at approximately $2,803,000. UBS Group AG boosted its stake in shares of Penumbra by 86,078.0% in the first quarter. UBS Group AG now owns 215,445 shares of the company’s stock valued at $9,910,000 after buying an additional 215,195 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Penumbra by 40.8% in the first quarter. Geode Capital Management LLC now owns 29,670 shares of the company’s stock valued at $1,364,000 after buying an additional 8,596 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Penumbra by 142.0% in the second quarter. Bank of New York Mellon Corp now owns 121,834 shares of the company’s stock valued at $7,249,000 after buying an additional 71,487 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Penumbra during the second quarter valued at about $151,000. 51.96% of the stock is owned by institutional investors and hedge funds.
Penumbra Company Profile
Penumbra, Inc (Penumbra) is an interventional therapies company. The Company designs, develops, manufactures and markets medical devices. The Company has a portfolio of products that addresses medical conditions and significant clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.
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