Piper Sandler Increases Penumbra (NYSE:PEN) Price Target to $335.00

Penumbra (NYSE:PEN – Get Rating) had its target price upped by investment analysts at Piper Sandler from $300.00 to $335.00 in a report released on Wednesday, The Fly reports. Piper Sandler’s price target points to a potential upside of 9.87% from the stock’s current price.

Other analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft upped their price target on Penumbra from $297.00 to $325.00 in a research note on Wednesday, May 3rd. Wells Fargo & Company increased their target price on Penumbra from $291.00 to $320.00 in a research note on Wednesday, May 3rd. Royal Bank of Canada increased their target price on Penumbra from $289.00 to $303.00 in a research note on Wednesday, May 3rd. StockNews.com started coverage on Penumbra in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. increased their target price on Penumbra from $254.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $296.33.

Penumbra Stock Performance

Shares of PEN stock opened at $304.90 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.37 and a quick ratio of 3.02. Penumbra has a fifty-two week low of $114.86 and a fifty-two week high of $324.38. The stock’s 50-day moving average is $289.48 and its two-hundred day moving average is $252.21. The firm has a market cap of $11.66 billion, a P/E ratio of 1,905.74 and a beta of 0.54.

Penumbra (NYSE:PEN – Get Rating) last issued its earnings results on Tuesday, May 2nd. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.12. The company had revenue of $241.40 million for the quarter, compared to analyst estimates of $229.70 million. Penumbra had a return on equity of 1.58% and a net margin of 0.73%. The business’s revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.01) EPS. Analysts predict that Penumbra will post 1.56 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In related news, Director Harpreet Grewal sold 875 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $254.98, for a total transaction of $223,107.50. Following the completion of the sale, the director now directly owns 10,535 shares of the company’s stock, valued at approximately $2,686,214.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $258.62, for a total value of $155,172.00. Following the transaction, the executive vice president now directly owns 69,960 shares in the company, valued at approximately $18,093,055.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harpreet Grewal sold 875 shares of the stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $254.98, for a total value of $223,107.50. Following the completion of the transaction, the director now owns 10,535 shares in the company, valued at $2,686,214.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,826 shares of company stock valued at $7,332,139. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Raymond James & Associates boosted its position in shares of Penumbra by 8.1% in the 1st quarter. Raymond James & Associates now owns 8,565 shares of the company’s stock worth $1,903,000 after purchasing an additional 641 shares during the last quarter. Citigroup Inc. boosted its position in shares of Penumbra by 44.5% in the 1st quarter. Citigroup Inc. now owns 4,979 shares of the company’s stock worth $1,106,000 after purchasing an additional 1,534 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Penumbra by 15.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,211 shares of the company’s stock worth $269,000 after purchasing an additional 164 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Penumbra by 8.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 19,045 shares of the company’s stock worth $4,348,000 after purchasing an additional 1,417 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Penumbra by 3.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 90,610 shares of the company’s stock worth $20,123,000 after purchasing an additional 2,717 shares during the last quarter. 82.42% of the stock is currently owned by institutional investors.

Penumbra Company Profile

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Penumbra, Inc engages in the design, development, manufacture, and marketing of innovative medical devices. It offers neurovascular thrombectomy and embolization and access technologies, neurosurgical tools, Penumbra LANTERN Delivery Microcatheter, and Penumbra Occlusion Device (POD) system. The company was founded by Arani Bose and Adam Elsesser on June 21, 2004, and is headquartered in Alameda, CA.