Penumbra (NYSE:PEN) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Penumbra (NYSE:PEN) had its price objective lifted by analysts at Royal Bank of Canada from $285.00 to $313.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 3.25% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company increased their price target on Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Wednesday. 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. Citigroup increased their price objective on shares of Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Finally, Robert W. Baird boosted their target price on Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Penumbra currently has an average rating of “Moderate Buy” and an average target price of $287.29.

Penumbra Stock Performance

Shares of PEN traded up $32.01 during midday trading on Wednesday, hitting $303.15. 622,478 shares of the stock traded hands, compared to its average volume of 480,878. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. Penumbra has a 1-year low of $148.00 and a 1-year high of $304.74. The business’s 50 day moving average price is $256.15 and its two-hundred day moving average price is $225.97. The firm has a market capitalization of $11.63 billion, a PE ratio of 351.47, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.88 by $0.09. The firm had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. Equities research analysts predict that Penumbra will post 2.81 EPS for the current fiscal year.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $242.96, for a total value of $3,644,400.00. Following the transaction, the chief executive officer now owns 837,582 shares in the company, valued at approximately $203,498,922.72. This represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the completion of the transaction, the executive vice president now directly owns 63,444 shares in the company, valued at approximately $15,511,423.56. The trade was a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,219 shares of company stock worth $4,426,439. 5.00% of the stock is owned by corporate insiders.

Institutional Trading of Penumbra

Large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its position in Penumbra by 128.1% during the third quarter. Janus Henderson Group PLC now owns 668,873 shares of the company’s stock worth $129,967,000 after purchasing an additional 375,684 shares during the period. Thrivent Financial for Lutherans raised its holdings in Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock worth $71,564,000 after acquiring an additional 358,932 shares during the period. Champlain Investment Partners LLC lifted its position 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 acquiring an additional 264,122 shares during the last quarter. Norges Bank bought a new position in shares of Penumbra in the fourth quarter worth about $54,396,000. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Penumbra by 47.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company’s stock valued at $167,913,000 after purchasing an additional 227,506 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Company Profile

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.