Wall Street Zen Downgrades Penumbra (NYSE:PEN) to Hold

Penumbra (NYSE:PEN) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

A number of other research analysts also recently weighed in on PEN. Robert W. Baird increased their price objective on shares of Penumbra from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Weiss Ratings restated a “hold (c)” rating on shares of Penumbra in a research report on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and set a $326.00 price objective on shares of Penumbra in a research report on Monday, October 27th. Citigroup lowered their price objective on shares of Penumbra from $320.00 to $285.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company set a $290.00 price objective on shares of Penumbra in a research report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $305.94.

Penumbra Stock Down 1.8%

Shares of Penumbra stock opened at $227.34 on Friday. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 60.46, a price-to-earnings-growth ratio of 2.10 and a beta of 0.41. The company’s 50 day moving average is $258.44 and its 200 day moving average is $259.71. Penumbra has a twelve month low of $207.58 and a twelve month high of $310.00. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. The company had revenue of $339.46 million for the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Research analysts anticipate that Penumbra will post 3.67 EPS for the current year.

Insider Buying and Selling at Penumbra

In other news, Director Harpreet Grewal sold 186 shares of the stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $248.61, for a total value of $46,241.46. Following the completion of the sale, the director directly owned 8,702 shares of the company’s stock, valued at $2,163,404.22. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam Elsesser sold 15,800 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $269.65, for a total transaction of $4,260,470.00. Following the completion of the sale, the chief executive officer directly owned 182,460 shares of the company’s stock, valued at approximately $49,200,339. This trade represents a 7.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,460 shares of company stock valued at $16,322,614 in the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Trading of Penumbra

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Penumbra by 5.0% in the second quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company’s stock worth $990,760,000 after purchasing an additional 185,306 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Penumbra by 2.6% in the second quarter. Geode Capital Management LLC now owns 706,404 shares of the company’s stock worth $181,314,000 after purchasing an additional 17,772 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Penumbra by 437.0% in the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock worth $188,159,000 after purchasing an additional 572,606 shares in the last quarter. Invesco Ltd. increased its stake in shares of Penumbra by 1,139.3% in the second quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock worth $162,571,000 after purchasing an additional 582,369 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Penumbra in the second quarter worth $114,014,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

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.