Penumbra (NYSE:PEN) Downgraded to “Buy” Rating by Wall Street Zen

Penumbra (NYSE:PEN) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts have also issued reports on the stock. Royal Bank of Canada raised their target price on shares of Penumbra from $315.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Wednesday, February 19th. BTIG Research reiterated a “buy” rating on shares of Penumbra in a research note on Thursday, April 24th. Morgan Stanley raised their target price on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Penumbra currently has a consensus rating of “Moderate Buy” and an average price target of $302.40.

Penumbra Stock Up 0.7%

Penumbra stock opened at $268.72 on Friday. The company has a market capitalization of $10.41 billion, a P/E ratio of 790.35, a P/E/G ratio of 2.83 and a beta of 0.53. The firm’s fifty day simple moving average is $279.68 and its 200-day simple moving average is $264.95. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra has a 1-year low of $148.00 and a 1-year high of $310.00.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business had revenue of $324.14 million for the quarter, compared to analyst estimates of $315.72 million. During the same period last year, the business posted $0.41 EPS. Penumbra’s revenue was up 16.3% compared to the same quarter last year. Sell-side analysts forecast that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Bridget O’rourke sold 100 shares of Penumbra stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $286.15, for a total transaction of $28,615.00. Following the sale, the director now directly owns 5,423 shares in the company, valued at approximately $1,551,791.45. The trade was a 1.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $287.43, for a total transaction of $172,458.00. Following the sale, the executive vice president now owns 66,539 shares in the company, valued at approximately $19,125,304.77. This trade represents a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 176,696 shares of company stock worth $50,207,745. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Penumbra

Several institutional investors have recently made changes to their positions in the business. Belpointe Asset Management LLC bought a new position in Penumbra during the 1st quarter valued at about $732,000. Fortis Capital Advisors LLC bought a new position in Penumbra during the 1st quarter valued at about $732,000. Glenview Trust co bought a new position in Penumbra during the 1st quarter valued at about $230,000. Bayforest Capital Ltd lifted its holdings in Penumbra by 35.9% during the 1st quarter. Bayforest Capital Ltd now owns 1,431 shares of the company’s stock valued at $383,000 after purchasing an additional 378 shares during the last quarter. Finally, Woodline Partners LP lifted its holdings in Penumbra by 476.1% during the 1st quarter. Woodline Partners LP now owns 145,881 shares of the company’s stock valued at $39,010,000 after purchasing an additional 120,558 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

About Penumbra

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.