Zacks Investment Research Downgrades Penumbra Inc. (PEN) to Hold
Penumbra Inc. (NYSE:PEN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
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 Penumbra and gave the company a “buy” rating in a research report on Wednesday, July 20th.
Shares of Penumbra (NYSE:PEN) opened at 70.93 on Friday. The company has a market cap of $2.20 billion and a P/E ratio of 921.17. Penumbra has a 52-week low of $35.31 and a 52-week high of $79.49. The company has a 50-day moving average price of $73.25 and a 200-day moving average price of $61.93.
Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, August 9th. The company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.08. The business earned $65.10 million during the quarter, compared to analyst estimates of $58.18 million. Penumbra had a return on equity of 1.48% and a net margin of 1.54%. Penumbra’s revenue was up 53.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.11) EPS. On average, equities analysts predict that Penumbra will post ($0.17) EPS for the current year.
In other news, CEO Adam Elsesser sold 29,000 shares of Penumbra stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $72.95, for a total value of $2,115,550.00. Following the transaction, the chief executive officer now directly owns 1,245,938 shares in the company, valued at approximately $90,891,177.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert D. Evans sold 5,300 shares of Penumbra stock in a transaction on Friday, August 26th. The shares were sold at an average price of $71.03, for a total value of $376,459.00. Following the completion of the transaction, the executive vice president now owns 2,538 shares in the company, valued at $180,274.14. The disclosure for this sale can be found here. 22.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Penumbra by 6.6% in the second quarter. FMR LLC now owns 4,494,768 shares of the company’s stock worth $267,439,000 after buying an additional 278,722 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Penumbra by 2,492.4% in the second quarter. Vanguard Group Inc. now owns 1,529,260 shares of the company’s stock worth $90,990,000 after buying an additional 1,470,270 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of Penumbra by 31.9% in the second quarter. Lord Abbett & CO. LLC now owns 843,321 shares of the company’s stock worth $50,178,000 after buying an additional 204,184 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Penumbra by 29.0% in the second quarter. Alliancebernstein L.P. now owns 674,307 shares of the company’s stock worth $40,121,000 after buying an additional 151,517 shares in the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Penumbra by 459.8% in the second quarter. BlackRock Fund Advisors now owns 603,188 shares of the company’s stock worth $35,890,000 after buying an additional 495,441 shares in the last quarter. Institutional investors and hedge funds own 51.96% of the company’s stock.
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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