Penumbra Inc. (PEN) Coverage Initiated by Analysts at BMO Capital Markets
Equities researchers at BMO Capital Markets started coverage on shares of Penumbra Inc. (NYSE:PEN) in a report released on Monday. The brokerage set an “outperform” rating on the stock.
A number of other research analysts have also weighed in on PEN. Zacks Investment Research raised shares of Penumbra from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Tuesday, July 12th. Canaccord Genuity set a $67.00 price target on shares of Penumbra and gave the company a “buy” rating in a research report on Wednesday, July 20th.
Penumbra (NYSE:PEN) traded up 1.86% during mid-day trading on Monday, reaching $72.25. 53,201 shares of the company’s stock were exchanged. The company has a 50-day moving average of $73.25 and a 200-day moving average of $61.93. Penumbra has a 52-week low of $35.31 and a 52-week high of $79.49. The stock has a market cap of $2.24 billion and a price-to-earnings ratio of 938.31.
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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 firm had revenue of $65.10 million for the quarter, compared to analyst estimates of $58.18 million. During the same period last year, the firm earned ($0.11) earnings per share. The business’s quarterly revenue was up 53.9% compared to the same quarter last year. Equities research analysts anticipate that Penumbra will post ($0.17) earnings per share for the current year.
In related news, insider Arani Bose sold 61,000 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $70.72, for a total transaction of $4,313,920.00. Following the completion of the sale, the insider now owns 742,891 shares in the company, valued at $52,537,251.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam Elsesser sold 57,200 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $71.07, for a total transaction of $4,065,204.00. Following the sale, the chief executive officer now owns 1,249,838 shares of the company’s stock, valued at approximately $88,825,986.66. The disclosure for this sale can be found here. Corporate insiders own 22.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PEN. FMR LLC increased its stake in Penumbra by 6.6% in the second quarter. FMR LLC now owns 4,494,768 shares of the company’s stock worth $267,439,000 after buying an additional 278,722 shares during the period. Vanguard Group Inc. increased its stake 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 period. Lord Abbett & CO. LLC increased its stake in Penumbra by 31.9% in the second quarter. Lord Abbett & CO. LLC now owns 843,321 shares of the company’s stock worth $50,178,000 after buying an additional 204,184 shares during the period. Alliancebernstein L.P. increased its stake in Penumbra by 29.0% in the second quarter. Alliancebernstein L.P. now owns 674,307 shares of the company’s stock worth $40,121,000 after buying an additional 151,517 shares during the period. Finally, BlackRock Fund Advisors increased its stake in Penumbra by 459.8% in the second quarter. BlackRock Fund Advisors now owns 603,188 shares of the company’s stock worth $35,890,000 after buying an additional 495,441 shares during the period. Institutional investors and hedge funds own 51.94% 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.
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