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

Penumbra (NYSE:PEN) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

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

Penumbra Price Performance

PEN opened at $324.61 on Monday. The company has a quick ratio of 3.86, a current ratio of 5.75 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $320.38 and a 200 day moving average of $327.16. Penumbra has a 52-week low of $221.26 and a 52-week high of $362.41. The stock has a market cap of $12.79 billion, a P/E ratio of 79.76, a PEG ratio of 2.01 and a beta of 0.70.

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

Hedge Funds Weigh In On Penumbra

A number of institutional investors have recently bought and sold shares of PEN. New York Life Investment Management LLC acquired a new stake in shares of Penumbra in the 4th quarter worth $999,000. Stephens Investment Management Group LLC acquired a new position in shares of Penumbra during the 4th quarter valued at about $37,563,000. Simplify Asset Management Inc. grew its holdings in shares of Penumbra by 89.7% in the fourth quarter. Simplify Asset Management Inc. now owns 15,827 shares of the company’s stock valued at $4,921,000 after purchasing an additional 7,485 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new position in Penumbra during the fourth quarter worth about $2,091,000. Finally, Sculptor Capital LP purchased a new position in Penumbra during the first quarter worth about $18,717,000. 88.88% of the stock is 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.