Penumbra Inc. (PEN) Rating Increased to Buy at Zacks Investment Research
Penumbra Inc. (NYSE:PEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $80.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.51% from the stock’s current price.
According to Zacks, “Penumbra, Inc. is an interventional therapies company. It designs, develops, manufactures and markets medical devices. The company’s portfolio of products primarily addresses neuro and peripheral vascular medical conditions and clinical needs. Neuro products include Neurovascular Access, Neuron Access System, BENCHMARK Intracranial Access System, Penumbra System, 3D, Penumbra Coil 400, Penumbra SMART Coil and LIBERTY stent. Peripheral vascular products include Ruby Coil System, Penumbra Occlusion Device and Indigo System. It operates primarily in U.S., Europe, Canada and Australia. Penumbra, Inc. is headquartered in Alameda, California. “
Separately, Canaccord Genuity set a $67.00 target price on shares of Penumbra and gave the company a “buy” rating in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a buy rating, Penumbra presently has an average rating of “Buy” and an average target price of $59.75.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/penumbra-inc-pen-rating-increased-to-buy-at-zacks-investment-research.html
Shares of Penumbra (NYSE:PEN) opened at 71.74 on Thursday. The company has a 50-day moving average of $73.24 and a 200-day moving average of $61.67. Penumbra has a 52-week low of $35.31 and a 52-week high of $79.49. The stock has a market capitalization of $2.23 billion and a price-to-earnings ratio of 931.69.
Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.08. Penumbra had a net margin of 1.54% and a return on equity of 1.48%. The company earned $65.10 million during the quarter, compared to analysts’ expectations of $58.18 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 53.9% on a year-over-year basis. Equities research analysts anticipate that Penumbra will post ($0.17) EPS for the current year.
In related news, CEO Adam Elsesser sold 57,200 shares of the business’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $71.07, for a total transaction of $4,065,204.00. Following the transaction, the chief executive officer now directly owns 1,249,838 shares in the company, valued at $88,825,986.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arani Bose sold 61,000 shares of the business’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $70.72, for a total transaction of $4,313,920.00. Following the transaction, the insider now owns 742,891 shares in the company, valued at $52,537,251.52. The disclosure for this sale can be found here. Corporate insiders own 22.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Penumbra by 2,492.4% in the second quarter. Vanguard Group Inc. now owns 1,529,260 shares of the company’s stock worth $90,990,000 after buying an additional 1,470,270 shares during the last quarter. Carret Asset Management LLC purchased a new position in Penumbra during the second quarter valued at $32,411,000. BlackRock Fund Advisors raised its position in Penumbra by 459.8% in the second quarter. BlackRock Fund Advisors now owns 603,188 shares of the company’s stock valued at $35,890,000 after buying an additional 495,441 shares during the last quarter. Phocas Financial Corp. purchased a new position in Penumbra during the first quarter valued at $20,994,000. Finally, State Street Corp raised its position in Penumbra by 538.3% in the second quarter. State Street Corp now owns 389,257 shares of the company’s stock valued at $23,166,000 after buying an additional 328,274 shares during the last quarter. Hedge funds and other institutional investors own 51.96% of the company’s stock.
Penumbra, Inc (Penumbra) is an interventional therapies company. The Company designs, develops, manufactures and markets medical devices. The Company has a portfolio of products that addresses medical conditions and significant clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Penumbra Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penumbra Inc. and related companies with MarketBeat.com's FREE daily email newsletter.