Morgan Stanley Cuts Penumbra (NYSE:PEN) Price Target to $240.00

Penumbra (NYSE:PEN) had its price objective cut by Morgan Stanley from $265.00 to $240.00 in a report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts have also issued reports on PEN. Robert W. Baird began coverage on Penumbra in a research note on Tuesday, July 18th. They set an outperform rating and a $375.00 target price on the stock. Citigroup lowered their price objective on shares of Penumbra from $390.00 to $320.00 and set a buy rating for the company in a research note on Monday, October 2nd. StockNews.com assumed coverage on shares of Penumbra in a research note on Thursday, October 5th. They set a hold rating on the stock. Wells Fargo & Company raised their price target on shares of Penumbra from $320.00 to $337.00 and gave the company an overweight rating in a research report on Wednesday, August 2nd. Finally, Piper Sandler reaffirmed an overweight rating and set a $335.00 price objective on shares of Penumbra in a research report on Tuesday, September 19th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $317.25.

Penumbra Stock Down 0.2 %

Shares of NYSE PEN opened at $197.86 on Friday. The company has a quick ratio of 3.25, a current ratio of 5.74 and a debt-to-equity ratio of 0.02. The business’s 50 day moving average is $236.30 and its two-hundred day moving average is $279.20. Penumbra has a 52-week low of $144.76 and a 52-week high of $348.67. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 192.10 and a beta of 0.58.

Insider Transactions at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 9,666 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $247.21, for a total value of $2,389,531.86. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Adam Elsesser sold 9,666 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $247.21, for a total transaction of $2,389,531.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harpreet Grewal sold 170 shares of Penumbra stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $240.99, for a total transaction of $40,968.30. Following the sale, the director now owns 9,150 shares in the company, valued at $2,205,058.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,756 shares of company stock valued at $8,075,197. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PEN. Hollencrest Capital Management purchased a new position in shares of Penumbra during the second quarter worth approximately $25,000. Beacon Capital Management LLC increased its stake in Penumbra by 281.0% in the second quarter. Beacon Capital Management LLC now owns 80 shares of the company’s stock valued at $28,000 after purchasing an additional 59 shares during the period. Pinebridge Investments L.P. purchased a new stake in shares of Penumbra in the second quarter valued at about $30,000. Optimum Investment Advisors acquired a new stake in shares of Penumbra during the second quarter worth about $34,000. Finally, Altshuler Shaham Ltd purchased a new position in shares of Penumbra during the fourth quarter worth about $27,000. Institutional investors and hedge funds own 88.18% of the company’s stock.

About Penumbra

Penumbra, Inc, together with its subsidiairies, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the Penumbra RED, JET, ACE, 3D Revascularization Device, and Penumbra ENGINE brands, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400, POD400, PAC400, and Penumbra SMART Coil brand names; and neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, BMX96, DDC, SENDit, and PX SLIM brands.