Penumbra (NYSE:PEN) Cut to “Strong Sell” at Zacks Research

Penumbra (NYSE:PEN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also recently commented on the company. Wall Street Zen raised Penumbra to a “hold” rating in a research report on Saturday, May 9th. 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 research note on Thursday, May 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $374.00 price objective on shares of Penumbra in a report on Thursday, June 11th. Finally, Evercore restated an “outperform” rating and set a $335.00 price target on shares of Penumbra in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $361.33.

Penumbra Stock Up 0.0%

PEN stock opened at $315.56 on Monday. Penumbra has a twelve month low of $221.26 and a twelve month high of $362.41. The company has a quick ratio of 3.95, a current ratio of 6.02 and a debt-to-equity ratio of 0.01. The company has a market cap of $12.41 billion, a PE ratio of 72.71, a price-to-earnings-growth ratio of 1.95 and a beta of 0.71. The business’s 50-day simple moving average is $322.35 and its 200 day simple moving average is $329.47.

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

Insider Buying and Selling at Penumbra

In other news, Director Harpreet Grewal sold 100 shares of Penumbra stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $328.22, for a total value of $32,822.00. Following the completion of the transaction, the director owned 8,719 shares in the company, valued at approximately $2,861,750.18. The trade was a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Algert Global LLC raised its position in shares of Penumbra by 38.8% during the 3rd quarter. Algert Global LLC now owns 45,875 shares of the company’s stock valued at $11,621,000 after acquiring an additional 12,830 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in Penumbra in the third quarter valued at about $1,028,000. Braidwell LP lifted its stake in Penumbra by 9.2% in the third quarter. Braidwell LP now owns 141,528 shares of the company’s stock valued at $35,852,000 after buying an additional 11,900 shares during the period. NZS Capital LLC boosted its holdings in Penumbra by 24.9% during the third quarter. NZS Capital LLC now owns 86,984 shares of the company’s stock worth $22,035,000 after buying an additional 17,355 shares during the last quarter. Finally, Holocene Advisors LP bought a new position in Penumbra during the third quarter worth about $78,585,000. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.