Penumbra’s (PEN) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Penumbra (NYSE:PEN) in a research note released on Friday morning, Benzinga reports.

Several other research analysts also recently commented on PEN. Leerink Partners started coverage on Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective on the stock. Morgan Stanley lowered their price target on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. BTIG Research increased their price objective on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $225.00 price target (up previously from $200.00) on shares of Penumbra in a research note on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $220.17.

Penumbra Stock Performance

Shares of NYSE PEN opened at $204.71 on Friday. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 86.38, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average of $198.70 and a 200 day moving average of $193.58.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. During the same quarter in the previous year, the firm posted $0.43 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts anticipate that Penumbra will post 2.58 earnings per share for the current year.

Penumbra announced that its board has initiated a share buyback program on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Penumbra

In related news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Penumbra news, Director Harpreet Grewal sold 166 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares in the company, valued at $1,659,648.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the sale, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,368 shares of company stock valued at $6,893,118 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the period. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra in the second quarter worth approximately $54,000. Park Place Capital Corp lifted its stake in shares of Penumbra by 1,473.9% during the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after acquiring an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares during the period. Finally, Headlands Technologies LLC bought a new position in Penumbra in the 1st quarter valued at $89,000. Institutional investors 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.