Penumbra, Inc. (PEN) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Penumbra, Inc. (NYSE:PEN) from a sell rating to a hold rating in a research note issued to investors on Wednesday.
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. “
PEN has been the topic of several other reports. BidaskClub upgraded Penumbra from a hold rating to a buy rating in a research report on Thursday, June 22nd. BMO Capital Markets restated a buy rating and set a $96.00 price target on shares of Penumbra in a research report on Friday, June 16th. Finally, Canaccord Genuity restated a buy rating and set a $94.00 price target on shares of Penumbra in a research report on Tuesday, June 13th.
Shares of Penumbra (NYSE PEN) traded up 2.21% during trading on Wednesday, hitting $87.90. The stock had a trading volume of 278,902 shares. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 593.92 and a beta of 0.09. Penumbra has a 52 week low of $56.05 and a 52 week high of $91.00. The firm has a 50 day moving average price of $84.70 and a 200-day moving average price of $83.72.
Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). Penumbra had a negative return on equity of 2.58% and a negative net margin of 2.78%. The company had revenue of $80.60 million for the quarter, compared to analyst estimates of $77.16 million. During the same period in the previous year, the company posted $0.01 earnings per share. The firm’s revenue was up 23.8% on a year-over-year basis. On average, equities research analysts forecast that Penumbra will post ($0.21) EPS for the current fiscal year.
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In other Penumbra news, Director Harpreet Grewal sold 4,500 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $82.65, for a total value of $371,925.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel Donen Davis sold 32,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.42, for a total value of $2,541,440.00. The disclosure for this sale can be found here. Insiders sold 46,845 shares of company stock worth $3,794,570 over the last three months. Corporate insiders own 22.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PEN. Pioneer Investment Management Inc. increased its stake in Penumbra by 27.9% in the first quarter. Pioneer Investment Management Inc. now owns 86,502 shares of the company’s stock valued at $7,219,000 after buying an additional 18,873 shares during the period. Eagle Asset Management Inc. bought a new stake in Penumbra during the first quarter valued at approximately $15,865,000. Vanguard Group Inc. increased its stake in Penumbra by 9.5% in the first quarter. Vanguard Group Inc. now owns 2,118,227 shares of the company’s stock valued at $176,767,000 after buying an additional 183,706 shares during the period. Point72 Asset Management L.P. bought a new stake in Penumbra during the first quarter valued at approximately $6,960,000. Finally, Geode Capital Management LLC increased its stake in Penumbra by 7.4% in the first quarter. Geode Capital Management LLC now owns 199,932 shares of the company’s stock valued at $16,684,000 after buying an additional 13,788 shares during the period. 70.93% of the stock is currently owned by institutional investors and hedge funds.
Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and 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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