Penumbra (NYSE:PEN) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Penumbra (NYSE:PEN) from a strong sell rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Penumbra to a “hold” rating in a report on Saturday, May 9th. Evercore reissued an “outperform” rating and set a $320.00 price objective on shares of Penumbra in a report on Monday, July 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $374.00 price objective on shares of Penumbra in a research report on Thursday, June 11th. Citigroup reduced their target price on Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Penumbra in a research report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $367.07.

Penumbra Price Performance

Shares of Penumbra stock opened at $324.61 on Monday. The stock’s 50-day simple moving average is $320.38 and its 200-day simple moving average is $327.16. Penumbra has a 52 week low of $221.26 and a 52 week high of $362.41. The company has a market capitalization of $12.79 billion, a price-to-earnings ratio of 79.76, a PEG ratio of 2.01 and a beta of 0.70. The company has a quick ratio of 3.86, a current ratio of 5.75 and a debt-to-equity ratio of 0.01.

Penumbra (NYSE:PEN) last released its earnings results on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The business had revenue of $390.05 million for the quarter, compared to analysts’ expectations of $389.64 million. During the same quarter in the prior year, the business posted $0.86 EPS. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, analysts expect that Penumbra will post 5.02 earnings per share for the current fiscal year.

Institutional Trading of Penumbra

Several hedge funds have recently made changes to their positions in PEN. California State Teachers Retirement System grew its position in Penumbra by 31,694.6% in the second quarter. California State Teachers Retirement System now owns 13,667,555 shares of the company’s stock worth $4,315,530,000 after acquiring an additional 13,624,568 shares in the last quarter. BlackRock Inc. purchased a new stake in Penumbra during the second quarter valued at approximately $1,356,953,000. Whitebox Advisors LLC bought a new stake in shares of Penumbra in the 1st quarter valued at approximately $146,125,000. Artisan Partners Limited Partnership boosted its holdings in shares of Penumbra by 165.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company’s stock worth $184,715,000 after purchasing an additional 370,636 shares during the period. Finally, William Blair Investment Management LLC purchased a new position in shares of Penumbra in the 4th quarter worth approximately $107,567,000. 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.