Royal Bank Of Canada Has Lowered Expectations for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its price target lowered by equities research analysts at Royal Bank Of Canada from $330.00 to $325.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 28.53% from the stock’s current price.

PEN has been the topic of several other reports. Canaccord Genuity Group set a $350.00 price target on shares of Penumbra and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus set a $318.00 target price on Penumbra and gave the stock a “buy” rating in a research report on Thursday, April 24th. Robert W. Baird boosted their target price on Penumbra from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday. Citigroup dropped their price target on Penumbra from $320.00 to $285.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company cut their price target on Penumbra from $315.00 to $290.00 and set an “overweight” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Penumbra currently has an average rating of “Buy” and an average target price of $300.47.

Penumbra Price Performance

Shares of NYSE PEN opened at $252.86 on Wednesday. The stock’s 50-day simple moving average is $249.95 and its 200-day simple moving average is $267.30. The firm has a market capitalization of $9.79 billion, a PE ratio of 67.25, a price-to-earnings-growth ratio of 2.27 and a beta of 0.47. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.68 and a current ratio of 6.75.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. The company had revenue of $339.46 million for the quarter, compared to analyst estimates of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. As a group, equities research analysts forecast that Penumbra will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 16,650 shares of the company’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $289.37, for a total transaction of $4,818,010.50. Following the completion of the transaction, the chief executive officer owned 75,237 shares in the company, valued at approximately $21,771,330.69. This represents a 18.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 900 shares of Penumbra stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $298.55, for a total transaction of $268,695.00. Following the completion of the sale, the executive vice president directly owned 65,314 shares in the company, valued at approximately $19,499,494.70. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,735 shares of company stock worth $30,476,510. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Synergy Investment Management LLC acquired a new stake in shares of Penumbra in the 1st quarter valued at approximately $27,000. First Horizon Advisors Inc. raised its position in Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock worth $28,000 after acquiring an additional 85 shares in the last quarter. Hurley Capital LLC acquired a new stake in Penumbra in the fourth quarter valued at $56,000. AlphaQuest LLC acquired a new stake in Penumbra in the first quarter valued at $66,000. Finally, Huntington National Bank boosted its position in shares of Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after purchasing an additional 154 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Penumbra Company Profile

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.