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

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

A number of other brokerages have also weighed in on PEN. Truist Financial reduced their price objective on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $289.00 target price on shares of Penumbra in a research report on Friday, February 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $284.00 price target on shares of Penumbra in a report on Friday, February 23rd. Finally, TheStreet raised shares of Penumbra from a “d+” rating to a “c-” rating in a report on Friday, January 12th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $301.73.

Penumbra Stock Down 3.9 %

PEN traded down $8.23 on Wednesday, hitting $201.77. 491,010 shares of the company were exchanged, compared to its average volume of 347,992. The firm has a 50-day moving average price of $221.64 and a two-hundred day moving average price of $232.02. The company has a current ratio of 6.06, a quick ratio of 3.49 and a debt-to-equity ratio of 0.02. Penumbra has a twelve month low of $180.93 and a twelve month high of $348.67. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 88.45, a price-to-earnings-growth ratio of 2.06 and a beta of 0.57.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The company had revenue of $278.70 million for the quarter, compared to analyst estimates of $274.94 million. Penumbra had a return on equity of 7.49% and a net margin of 8.59%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 earnings per share. On average, equities analysts predict that Penumbra will post 2.85 earnings per share for the current year.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $217.07, for a total transaction of $130,242.00. Following the completion of the sale, the executive vice president now owns 64,281 shares in the company, valued at approximately $13,953,476.67. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Don W. Kassing sold 170 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $223.18, for a total transaction of $37,940.60. Following the completion of the sale, the director now owns 1,175 shares in the company, valued at $262,236.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $217.07, for a total transaction of $130,242.00. Following the sale, the executive vice president now owns 64,281 shares of the company’s stock, valued at approximately $13,953,476.67. The disclosure for this sale can be found here. Insiders have sold 9,648 shares of company stock valued at $2,369,903 in the last ninety days. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penumbra

Several hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp boosted its stake in shares of Penumbra by 13.9% during the fourth quarter. Fifth Third Bancorp now owns 378 shares of the company’s stock worth $95,000 after buying an additional 46 shares during the period. Signaturefd LLC lifted its position in Penumbra by 27.2% in the fourth quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after purchasing an additional 46 shares during the period. Benjamin F. Edwards & Company Inc. lifted its position in Penumbra by 171.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after purchasing an additional 67 shares during the period. Treasurer of the State of North Carolina lifted its position in Penumbra by 0.4% in the third quarter. Treasurer of the State of North Carolina now owns 16,394 shares of the company’s stock valued at $3,966,000 after purchasing an additional 70 shares during the period. Finally, M&T Bank Corp lifted its position in Penumbra by 6.1% in the third quarter. M&T Bank Corp now owns 1,262 shares of the company’s stock valued at $305,000 after purchasing an additional 72 shares during the period. Institutional investors and hedge funds 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.