Penumbra Inc. (PEN) Coverage Initiated by Analysts at BMO Capital Markets
Equities research analysts at BMO Capital Markets began coverage on shares of Penumbra Inc. (NYSE:PEN) in a report issued on Monday, The Fly reports. The brokerage set an “outperform” rating on the stock.
A number of other brokerages also recently issued reports on PEN. Zacks Investment Research upgraded Penumbra from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Thursday. Canaccord Genuity set a $67.00 price target on Penumbra and gave the stock a “buy” rating in a report on Wednesday, July 20th.
Penumbra (NYSE:PEN) opened at 70.93 on Monday. Penumbra has a 52 week low of $35.31 and a 52 week high of $79.49. The stock has a market cap of $2.20 billion and a PE ratio of 921.17. The firm’s 50-day moving average price is $73.25 and its 200-day moving average price is $61.93.
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Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.08. Penumbra had a return on equity of 1.48% and a net margin of 1.54%. The business had revenue of $65.10 million for the quarter, compared to the consensus estimate of $58.18 million. During the same period in the prior year, the business posted ($0.11) earnings per share. The company’s quarterly revenue was up 53.9% compared to the same quarter last year. Equities analysts predict that Penumbra will post ($0.17) earnings per share for the current fiscal year.
In other news, EVP Robert D. Evans sold 3,100 shares of the stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $70.10, for a total value of $217,310.00. Following the sale, the executive vice president now directly owns 2,538 shares in the company, valued at $177,913.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 29,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $72.95, for a total value of $2,115,550.00. Following the completion of the transaction, the chief executive officer now directly owns 1,245,938 shares in the company, valued at approximately $90,891,177.10. The disclosure for this sale can be found here. 22.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Penumbra by 723.5% in the second quarter. BlackRock Inc. now owns 2,487 shares of the company’s stock valued at $148,000 after buying an additional 2,185 shares during the period. Quantbot Technologies LP purchased a new position in shares of Penumbra during the second quarter valued at about $151,000. BNP Paribas Arbitrage SA boosted its position in shares of Penumbra by 108.6% in the third quarter. BNP Paribas Arbitrage SA now owns 2,149 shares of the company’s stock valued at $163,000 after buying an additional 1,119 shares during the period. Legal & General Group Plc purchased a new position in shares of Penumbra during the second quarter valued at about $164,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Penumbra during the second quarter valued at about $216,000. 51.94% of the stock is currently owned by institutional investors.
Penumbra Company Profile
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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