Penumbra Inc. (PEN) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Penumbra Inc. (NYSE:PEN) from a hold rating to a buy rating in a report published on Thursday morning. They currently have $80.00 price target on the stock.
According to Zacks, “Penumbra, Inc. is an interventional therapies company. It designs, develops, manufactures and markets medical devices. The company’s portfolio of products primarily addresses neuro and peripheral vascular medical conditions and clinical needs. Neuro products include Neurovascular Access, Neuron Access System, BENCHMARK Intracranial Access System, Penumbra System, 3D, Penumbra Coil 400, Penumbra SMART Coil and LIBERTY stent. Peripheral vascular products include Ruby Coil System, Penumbra Occlusion Device and Indigo System. It operates primarily in U.S., Europe, Canada and Australia. Penumbra, Inc. is headquartered in Alameda, California. “
Separately, Canaccord Genuity set a $67.00 price objective on Penumbra and gave the stock a buy rating in a research report on Wednesday, July 20th.
Penumbra (NYSE:PEN) opened at 72.60 on Thursday. Penumbra has a 12 month low of $35.31 and a 12 month high of $79.49. The firm has a 50-day moving average price of $73.28 and a 200 day moving average price of $62.36. The company has a market capitalization of $2.25 billion and a P/E ratio of 942.86.
Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.08. The company earned $65.10 million during the quarter, compared to analysts’ expectations of $58.18 million. Penumbra had a return on equity of 1.48% and a net margin of 1.54%. Penumbra’s revenue for the quarter was up 53.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) earnings per share. Analysts expect that Penumbra will post ($0.17) EPS for the current year.
In related news, EVP Robert D. Evans sold 3,100 shares of the stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $70.10, for a total transaction of $217,310.00. Following the completion of the transaction, the executive vice president now directly owns 2,538 shares of the company’s stock, valued at $177,913.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 29,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $72.95, for a total value of $2,115,550.00. Following the transaction, the chief executive officer now directly owns 1,245,938 shares of the company’s stock, valued at $90,891,177.10. The disclosure for this sale can be found here. Corporate insiders own 22.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PEN. BNP Paribas Arbitrage SA boosted its position in shares of Penumbra by 108.6% in the third quarter. BNP Paribas Arbitrage SA now owns 2,149 shares of the company’s stock valued at $163,000 after buying an additional 1,119 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Penumbra by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 21,052 shares of the company’s stock valued at $968,000 after buying an additional 1,127 shares during the period. BlackRock Inc. boosted its position in shares of Penumbra by 723.5% in the second quarter. BlackRock Inc. now owns 2,487 shares of the company’s stock valued at $148,000 after buying an additional 2,185 shares during the period. EAM Investors LLC boosted its position in shares of Penumbra by 4.2% in the second quarter. EAM Investors LLC now owns 54,747 shares of the company’s stock valued at $3,257,000 after buying an additional 2,195 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Penumbra during the second quarter valued at approximately $151,000. 51.94% of the stock is owned by hedge funds and other institutional investors.
Penumbra Company Profile
Penumbra, Inc (Penumbra) is an interventional therapies company. The Company designs, develops, manufactures and markets medical devices. The Company has a portfolio of products that addresses medical conditions and significant clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.
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