BidaskClub Lowers Penumbra, Inc. (PEN) to Hold
BidaskClub lowered shares of Penumbra, Inc. (NYSE:PEN) from a buy rating to a hold rating in a research note released on Friday morning.
Several other equities research analysts also recently commented on PEN. Zacks Investment Research downgraded Penumbra from a hold rating to a sell rating in a report on Thursday, May 11th. Canaccord Genuity reissued a buy rating and issued a $94.00 target price on shares of Penumbra in a report on Tuesday, June 13th. Finally, BMO Capital Markets reissued a buy rating and issued a $96.00 target price on shares of Penumbra in a report on Friday, June 16th.
Penumbra (PEN) opened at 83.15 on Friday. Penumbra has a 12-month low of $56.05 and a 12-month high of $91.00. The firm’s 50 day moving average price is $85.06 and its 200-day moving average price is $82.68. The company has a market capitalization of $2.81 billion, a PE ratio of 561.82 and a beta of 0.10.
Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). Penumbra had a negative return on equity of 2.58% and a negative net margin of 2.78%. The company had revenue of $80.60 million for the quarter, compared to analyst estimates of $77.16 million. During the same period in the previous year, the company posted $0.01 earnings per share. The firm’s revenue was up 23.8% on a year-over-year basis. On average, equities analysts anticipate that Penumbra will post ($0.21) earnings per share for the current fiscal year.
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In other Penumbra news, EVP Robert D. Evans sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $85.15, for a total value of $851,500.00. Following the sale, the executive vice president now directly owns 11,704 shares of the company’s stock, valued at $996,595.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Donen Davis sold 32,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.42, for a total value of $2,541,440.00. The disclosure for this sale can be found here. Insiders sold 42,345 shares of company stock worth $3,422,645 over the last three months. Corporate insiders own 22.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PEN. Teachers Advisors LLC increased its stake in Penumbra by 2.5% in the fourth quarter. Teachers Advisors LLC now owns 42,130 shares of the company’s stock valued at $2,688,000 after buying an additional 1,040 shares during the period. Simplex Trading LLC increased its stake in Penumbra by 11.5% in the first quarter. Simplex Trading LLC now owns 2,565 shares of the company’s stock valued at $214,000 after buying an additional 265 shares during the period. Nationwide Fund Advisors increased its stake in Penumbra by 4.1% in the first quarter. Nationwide Fund Advisors now owns 82,313 shares of the company’s stock valued at $6,869,000 after buying an additional 3,270 shares during the period. Wells Fargo & Company MN increased its stake in Penumbra by 32.3% in the first quarter. Wells Fargo & Company MN now owns 30,587 shares of the company’s stock valued at $2,553,000 after buying an additional 7,471 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Penumbra by 14.3% in the first quarter. Bank of New York Mellon Corp now owns 147,849 shares of the company’s stock valued at $12,339,000 after buying an additional 18,454 shares during the period. 69.43% of the stock is currently owned by institutional investors and hedge funds.
Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and 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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