Penumbra (NYSE:PEN) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Penumbra (NYSE:PEN) from a buy rating to a hold rating in a research report report published on Saturday.

Several other equities research analysts have also recently issued reports on PEN. Robert W. Baird reaffirmed a “neutral” rating and set a $374.00 target price (up previously from $345.00) on shares of Penumbra in a research note on Friday. Truist Financial downgraded Penumbra from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $370.00 to $374.00 in a research report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Penumbra in a report on Monday, December 29th. Bank of America raised their target price on Penumbra from $320.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Finally, Evercore ISI reiterated an “outperform” rating and set a $340.00 price target on shares of Penumbra in a report on Monday, January 5th. Seven equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $355.88.

Penumbra Trading Up 0.1%

Shares of Penumbra stock opened at $350.93 on Friday. The firm has a 50-day simple moving average of $305.14 and a two-hundred day simple moving average of $270.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.18 and a current ratio of 6.73. Penumbra has a fifty-two week low of $221.26 and a fifty-two week high of $352.15. The company has a market cap of $13.74 billion, a P/E ratio of 83.95, a price-to-earnings-growth ratio of 2.14 and a beta of 0.71.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.07. The business had revenue of $354.69 million during the quarter, compared to the consensus estimate of $340.77 million. Penumbra had a return on equity of 11.35% and a net margin of 12.30%.The business’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 EPS. As a group, equities analysts predict that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 300 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $300.13, for a total transaction of $90,039.00. Following the transaction, the executive vice president directly owned 63,836 shares of the company’s stock, valued at approximately $19,159,098.68. This trade represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 186 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $312.64, for a total transaction of $58,151.04. Following the sale, the director owned 8,230 shares of the company’s stock, valued at $2,573,027.20. This trade represents a 2.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,144 shares of company stock valued at $10,260,127 over the last ninety days. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Penumbra

Hedge funds and other institutional investors have recently modified their holdings of the company. Mather Group LLC. acquired a new stake in Penumbra during the third quarter worth approximately $25,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Penumbra during the second quarter worth $30,000. Rothschild Investment LLC purchased a new stake in shares of Penumbra in the third quarter valued at $40,000. Parkside Financial Bank & Trust increased its stake in Penumbra by 70.2% in the second quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock valued at $41,000 after purchasing an additional 66 shares during the last quarter. Finally, Covestor Ltd grew its holdings in Penumbra by 53.0% in the 3rd quarter. Covestor Ltd now owns 179 shares of the company’s stock valued at $46,000 after buying an additional 62 shares during the period. 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.