Penumbra, Inc. (PEN) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Penumbra, Inc. (NYSE:PEN) from a sell rating to a hold rating in a research report released on Wednesday morning.
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. “
A number of other analysts also recently commented on PEN. BidaskClub raised Penumbra from a hold rating to a buy rating in a report on Thursday, June 22nd. BMO Capital Markets reaffirmed a buy rating and issued a $96.00 price target on shares of Penumbra in a report on Friday, June 16th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $100.00 price target (up previously from $94.00) on shares of Penumbra in a report on Wednesday, August 9th.
Shares of Penumbra (PEN) opened at 85.00 on Wednesday. The stock’s 50 day moving average price is $84.80 and its 200-day moving average price is $83.20. The company has a market capitalization of $2.87 billion, a PE ratio of 574.32 and a beta of 0.10. Penumbra has a 1-year low of $56.05 and a 1-year high of $91.00.
Penumbra (NYSE:PEN) last posted 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). The business had revenue of $80.60 million for the quarter, compared to the consensus estimate of $77.16 million. Penumbra had a negative return on equity of 2.58% and a negative net margin of 2.78%. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.01 EPS. On average, equities analysts predict that Penumbra will post ($0.21) EPS for the current year.
COPYRIGHT VIOLATION WARNING: “Penumbra, Inc. (PEN) Upgraded to Hold by Zacks Investment Research” was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of US and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/08/31/penumbra-inc-pen-upgraded-to-hold-by-zacks-investment-research.html.
In other Penumbra news, insider Daniel Donen Davis sold 32,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $79.42, for a total transaction of $2,541,440.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harpreet Grewal sold 4,500 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $82.65, for a total value of $371,925.00. The disclosure for this sale can be found here. Insiders have sold 46,845 shares of company stock valued at $3,794,570 in the last three months. Insiders own 22.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in shares of Penumbra by 1.2% in the second quarter. FMR LLC now owns 5,042,974 shares of the company’s stock worth $442,521,000 after buying an additional 57,801 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Penumbra by 2.3% in the second quarter. Vanguard Group Inc. now owns 2,165,995 shares of the company’s stock worth $190,066,000 after buying an additional 47,768 shares during the last quarter. BlackRock Inc. boosted its position in shares of Penumbra by 4.7% in the second quarter. BlackRock Inc. now owns 1,815,299 shares of the company’s stock worth $159,294,000 after buying an additional 81,981 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Penumbra by 5.1% in the second quarter. Lord Abbett & CO. LLC now owns 1,093,621 shares of the company’s stock worth $95,965,000 after buying an additional 53,109 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Penumbra by 13.2% in the second quarter. State Street Corp now owns 579,911 shares of the company’s stock worth $50,887,000 after buying an additional 67,441 shares during the last quarter. 70.93% of the stock is 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.
Receive News & Stock Ratings for Penumbra Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penumbra Inc. and related stocks with our FREE daily email newsletter.