Penumbra (NYSE:PEN) Receives New Coverage from Analysts at Stifel Nicolaus

by · The Markets Daily

Stifel Nicolaus started coverage on shares of Penumbra (NYSE:PEN – Free Report) in a research note published on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $238.00 target price on the stock.

A number of other research firms have also commented on PEN. Piper Sandler decreased their price objective on Penumbra from $260.00 to $200.00 and set an overweight rating on the stock in a research note on Wednesday, July 31st. Canaccord Genuity Group decreased their price target on shares of Penumbra from $272.00 to $176.00 and set a buy rating on the stock in a research note on Wednesday, July 31st. Robert W. Baird cut their price objective on shares of Penumbra from $231.00 to $180.00 and set an outperform rating for the company in a research report on Wednesday, July 31st. Royal Bank of Canada reduced their price objective on shares of Penumbra from $289.00 to $205.00 and set an outperform rating on the stock in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company downgraded shares of Penumbra from an overweight rating to an equal weight rating and reduced their price objective for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $208.00.

Read Our Latest Report on PEN

Penumbra Stock Performance

Shares of PEN opened at $195.00 on Tuesday. Penumbra has a 12-month low of $148.00 and a 12-month high of $277.34. The stock has a market cap of $7.57 billion, a P/E ratio of 82.28, a PEG ratio of 2.10 and a beta of 0.54. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $190.38 and a two-hundred day moving average of $199.39.

Penumbra (NYSE:PEN – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. The firm had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 EPS. As a group, research analysts predict that Penumbra will post 2.63 EPS for the current fiscal year.

Penumbra announced that its board has approved a share repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the completion of the sale, the chief executive officer now directly owns 927,582 shares in the company, valued at approximately $187,853,906.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the sale, the chief executive officer now directly owns 927,582 shares in the company, valued at approximately $187,853,906.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 782 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the sale, the director now owns 8,863 shares of the company’s stock, valued at $1,809,026.93. The disclosure for this sale can be found here. Insiders sold a total of 19,372 shares of company stock worth $3,888,852 in the last ninety days. Insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several large investors have recently added to or reduced their stakes in the stock. Mather Group LLC. purchased a new position in Penumbra in the 1st quarter valued at about $29,000. WASHINGTON TRUST Co purchased a new position in Penumbra in the 2nd quarter valued at about $54,000. Northwestern Mutual Wealth Management Co. boosted its position in Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after buying an additional 369 shares during the last quarter. Quest Partners LLC purchased a new position in Penumbra in the 4th quarter valued at about $71,000. Finally, Headlands Technologies LLC purchased a new position in Penumbra in the 1st quarter valued at about $89,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

About Penumbra

(Get Free Report)

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.

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