Royal Bank of Canada Boosts Penumbra (NYSE:PEN) Price Target to $330.00

Penumbra (NYSE:PEN) had its target price boosted by Royal Bank of Canada from $315.00 to $330.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Truist Financial increased their price target on Penumbra from $315.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday. Bank of America initiated coverage on shares of Penumbra in a research report on Friday, March 14th. They issued a “buy” rating and a $320.00 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $330.00 target price (up previously from $250.00) on shares of Penumbra in a report on Wednesday, February 19th. Robert W. Baird upped their price target on shares of Penumbra from $316.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, UBS Group restated a “buy” rating and set a $330.00 price objective (up from $320.00) on shares of Penumbra in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $302.40.

Penumbra Stock Up 7.0 %

Penumbra stock opened at $298.30 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25. The company’s 50-day moving average is $276.40 and its 200-day moving average is $253.66. The firm has a market capitalization of $11.54 billion, a PE ratio of 877.35, a P/E/G ratio of 2.83 and a beta of 0.56. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $310.00.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.17. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. The firm had revenue of $324.14 million for the quarter, compared to the consensus estimate of $315.72 million. Sell-side analysts anticipate that Penumbra will post 3.67 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Adam Elsesser sold 16,560 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $274.35, for a total transaction of $4,543,236.00. Following the completion of the sale, the chief executive officer now owns 63,911 shares of the company’s stock, valued at approximately $17,533,982.85. This represents a 20.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Maggie Yuen sold 2,000 shares of Penumbra stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $286.00, for a total transaction of $572,000.00. Following the completion of the transaction, the chief financial officer now directly owns 15,243 shares in the company, valued at $4,359,498. This trade represents a 11.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 127,846 shares of company stock worth $35,779,187. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of large investors have recently modified their holdings of PEN. UMB Bank n.a. raised its holdings in shares of Penumbra by 57.4% during the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares in the last quarter. Hurley Capital LLC bought a new position in Penumbra in the fourth quarter valued at about $56,000. Huntington National Bank raised its stake in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after acquiring an additional 154 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after acquiring an additional 208 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Penumbra by 893.5% in the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company’s stock valued at $82,000 after purchasing an additional 277 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.