Bank of America Raises Penumbra (NYSE:PEN) Price Target to $370.00

Penumbra (NYSE:PEN) had its target price increased by investment analysts at Bank of America from $320.00 to $370.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 17.10% from the stock’s previous close.

A number of other research firms have also weighed in on PEN. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $355.00 price objective on shares of Penumbra in a research report on Wednesday, December 17th. Wells Fargo & Company began coverage on Penumbra in a research note on Tuesday, November 18th. They issued an “underweight” rating on the stock. Truist Financial lifted their price target on Penumbra from $312.00 to $370.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Penumbra in a research report on Monday, December 29th. Finally, Citigroup raised shares of Penumbra from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $285.00 to $350.00 in a report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $340.40.

Penumbra Stock Up 0.3%

Shares of Penumbra stock opened at $315.96 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.73 and a quick ratio of 4.18. The company has a 50-day moving average of $289.92 and a 200 day moving average of $265.84. The firm has a market cap of $12.37 billion, a price-to-earnings ratio of 75.59, a PEG ratio of 1.92 and a beta of 0.71. Penumbra has a 1 year low of $221.26 and a 1 year high of $321.38.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.90 by $0.07. Penumbra had a net margin of 12.30% and a return on equity of 11.35%. The business had revenue of $354.69 million for the quarter, compared to analyst estimates of $340.77 million. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Penumbra’s quarterly revenue was up 17.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Activity at Penumbra

In other Penumbra news, Director Thomas Wilder sold 186 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $310.72, for a total transaction of $57,793.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harpreet Grewal sold 186 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $227.58, for a total value of $42,329.88. Following the transaction, the director directly owned 8,516 shares in the company, valued at $1,938,071.28. The trade was a 2.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 33,958 shares of company stock worth $10,201,976 in the last three months. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Penumbra

A number of hedge funds have recently bought and sold shares of the company. Invesco Ltd. grew its position in Penumbra by 1,139.3% during the second quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock valued at $162,571,000 after buying an additional 582,369 shares during the period. Norges Bank purchased a new position in shares of Penumbra during the 2nd quarter worth $114,014,000. Holocene Advisors LP purchased a new position in shares of Penumbra during the 3rd quarter worth $78,585,000. Qube Research & Technologies Ltd bought a new stake in shares of Penumbra during the 2nd quarter valued at $53,818,000. Finally, Man Group plc increased its stake in shares of Penumbra by 1,862.2% in the 2nd quarter. Man Group plc now owns 206,461 shares of the company’s stock worth $52,984,000 after purchasing an additional 195,939 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

About Penumbra

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.