BTIG Research Boosts Penumbra (NYSE:PEN) Price Target to $270.00

Penumbra (NYSE:PEN) had its price target hoisted by equities research analysts at BTIG Research from $232.00 to $270.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 10.59% from the stock’s current price.

Several other analysts also recently commented on the stock. Stifel Nicolaus initiated coverage on shares of Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Wells Fargo & Company downgraded shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Canaccord Genuity Group lifted their price objective on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Citigroup lifted their price objective on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, August 22nd. Finally, Piper Sandler lifted their price objective on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $230.92.

Penumbra Stock Performance

Shares of PEN stock opened at $244.15 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The company has a market capitalization of $9.37 billion, a P/E ratio of 283.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.51. The company’s 50 day moving average price is $214.90 and its two-hundred day moving average price is $197.95. Penumbra has a 52 week low of $148.00 and a 52 week high of $277.34.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $0.67 EPS. On average, analysts expect that Penumbra will post 2.81 earnings per share for the current fiscal year.

Penumbra declared that its board has approved a share buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The trade was a 0.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harpreet Grewal sold 782 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the completion of the sale, the director now directly owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. The trade was a 8.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PEN. Silvercrest Asset Management Group LLC raised its stake in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after purchasing an additional 55 shares in the last quarter. Tidal Investments LLC raised its stake in Penumbra by 276.9% in the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock valued at $1,109,000 after purchasing an additional 3,652 shares in the last quarter. Virtu Financial LLC raised its stake in Penumbra by 61.6% in the first quarter. Virtu Financial LLC now owns 4,011 shares of the company’s stock valued at $895,000 after purchasing an additional 1,529 shares in the last quarter. First Hawaiian Bank acquired a new position in Penumbra in the second quarter valued at about $1,597,000. Finally, CWM LLC raised its stake in Penumbra by 215.7% in the second quarter. CWM LLC now owns 1,550 shares of the company’s stock valued at $279,000 after purchasing an additional 1,059 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

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.