Penumbra (NYSE:PEN) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Penumbra (NYSE:PEN) from a hold rating to a strong sell rating in a report released on Monday,Zacks.com reports.

PEN has been the subject of a number of other reports. Wall Street Zen raised Penumbra to a “hold” rating in a research note on Saturday, May 9th. Royal Bank Of Canada reissued a “sector perform” rating and set a $374.00 price target on shares of Penumbra in a research report on Thursday, June 11th. Citigroup dropped their price objective on shares of Penumbra from $374.00 to $350.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Finally, Evercore restated an “outperform” rating and set a $335.00 price objective on shares of Penumbra in a research report on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $361.33.

Penumbra Trading Up 0.0%

Shares of Penumbra stock opened at $315.56 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.02 and a quick ratio of 3.95. The stock’s 50 day simple moving average is $322.35 and its 200-day simple moving average is $329.47. The stock has a market cap of $12.41 billion, a P/E ratio of 72.71, a P/E/G ratio of 1.95 and a beta of 0.71. Penumbra has a 1-year low of $221.26 and a 1-year high of $362.41.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.24). Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The company had revenue of $374.76 million during the quarter, compared to analyst estimates of $370.47 million. During the same period in the prior year, the business posted $0.83 EPS. Penumbra’s revenue for the quarter was up 15.6% compared to the same quarter last year. Analysts predict that Penumbra will post 5.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Harpreet Grewal sold 100 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the transaction, the director owned 8,719 shares of the company’s stock, valued at $2,861,750.18. This represents a 1.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of Penumbra

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC boosted its stake in Penumbra by 2.3% during the fourth quarter. Hsbc Holdings PLC now owns 1,527 shares of the company’s stock worth $475,000 after buying an additional 35 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Penumbra by 27.1% in the 4th quarter. Farther Finance Advisors LLC now owns 178 shares of the company’s stock valued at $55,000 after acquiring an additional 38 shares during the period. Swiss Life Asset Management Ltd raised its stake in shares of Penumbra by 2.3% in the 4th quarter. Swiss Life Asset Management Ltd now owns 1,728 shares of the company’s stock valued at $537,000 after acquiring an additional 39 shares during the period. Keybank National Association OH lifted its holdings in shares of Penumbra by 1.2% in the 4th quarter. Keybank National Association OH now owns 3,705 shares of the company’s stock worth $1,152,000 after acquiring an additional 43 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Penumbra by 11.3% in the 4th quarter. UMB Bank n.a. now owns 442 shares of the company’s stock worth $137,000 after acquiring an additional 45 shares during the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

About Penumbra

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.