Penumbra (NYSE:PEN) Price Target Raised to $305.00

Penumbra (NYSE:PEN) had its price objective boosted by research analysts at Wells Fargo & Company from $275.00 to $305.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.55% from the company’s previous close.

A number of other research firms have also weighed in on PEN. Piper Sandler boosted their price target on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Morgan Stanley boosted their price target on shares of Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Citigroup boosted their price target on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Robert W. Baird boosted their price target on shares of Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $278.50.

Penumbra Stock Performance

PEN opened at $270.99 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The company has a market cap of $10.40 billion, a price-to-earnings ratio of 315.10, a PEG ratio of 1.97 and a beta of 0.53. Penumbra has a 52-week low of $148.00 and a 52-week high of $277.89. The firm’s fifty day simple moving average is $255.58 and its two-hundred day simple moving average is $225.29.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Equities analysts anticipate that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $244.49, for a total value of $146,694.00. Following the sale, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. The trade was a 0.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lambert Shiu sold 1,798 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the completion of the sale, the chief accounting officer now directly owns 20,682 shares in the company, valued at $5,016,625.92. This trade represents a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,219 shares of company stock valued at $4,426,439. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of Penumbra by 2.1% in the 3rd quarter. FMR LLC now owns 5,896,396 shares of the company’s stock valued at $1,145,729,000 after acquiring an additional 121,465 shares during the period. Champlain Investment Partners LLC increased its stake in Penumbra by 20.6% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock worth $300,786,000 after buying an additional 264,122 shares during the period. State Street Corp increased its stake in Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after buying an additional 3,863 shares during the period. RTW Investments LP increased its stake in Penumbra by 8.4% during the 4th quarter. RTW Investments LP now owns 862,450 shares of the company’s stock worth $204,815,000 after buying an additional 66,700 shares during the period. Finally, Baillie Gifford & Co. increased its stake in Penumbra by 23.4% during the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock worth $173,416,000 after buying an additional 138,387 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

About Penumbra

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.