Penumbra (NYSE:PEN) Hits New 12-Month High – Here’s What Happened

Penumbra, Inc. (NYSE:PEN)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $311.56 and last traded at $312.8160, with a volume of 93587 shares. The stock had previously closed at $303.07.

Wall Street Analyst Weigh In

PEN has been the subject of several recent analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $320.00 target price on shares of Penumbra in a report on Monday, October 27th. JPMorgan Chase & Co. raised their target price on Penumbra from $265.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Wells Fargo & Company began coverage on Penumbra in a research note on Tuesday, November 18th. They set an “underweight” rating on the stock. Citigroup upgraded shares of Penumbra from a “neutral” rating to a “buy” rating and increased their price target for the company from $285.00 to $350.00 in a research report on Thursday. Finally, Truist Financial dropped their target price on shares of Penumbra from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $309.75.

Penumbra Price Performance

The business’s 50-day moving average price is $266.75 and its 200 day moving average price is $258.56. The company has a market capitalization of $12.22 billion, a P/E ratio of 74.51, a price-to-earnings-growth ratio of 2.37 and a beta of 0.66. The company has a quick ratio of 4.18, a current ratio of 6.73 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.07. The firm had revenue of $354.69 million during the quarter, compared to analyst estimates of $340.77 million. Penumbra had a net margin of 12.30% and a return on equity of 11.35%. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.85 EPS. Analysts anticipate that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

In related news, EVP Johanna Roberts sold 300 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $300.13, for a total value of $90,039.00. Following the transaction, the executive vice president directly owned 63,836 shares in the company, valued at approximately $19,159,098.68. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arani Bose sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $300.19, for a total transaction of $2,251,425.00. Following the completion of the sale, the director directly owned 275,261 shares in the company, valued at $82,630,599.59. This represents a 2.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 19,744 shares of company stock valued at $5,755,174 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Penumbra

Hedge funds have recently made changes to their positions in the stock. Mather Group LLC. bought a new position in shares of Penumbra during the third quarter valued at about $25,000. Newbridge Financial Services Group Inc. purchased a new stake in Penumbra during the 2nd quarter valued at about $30,000. Rothschild Investment LLC purchased a new stake in Penumbra during the 3rd quarter valued at about $40,000. Parkside Financial Bank & Trust boosted its stake in shares of Penumbra by 70.2% during the second quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock valued at $41,000 after purchasing an additional 66 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Penumbra by 53.0% in the third quarter. Covestor Ltd now owns 179 shares of the company’s stock worth $46,000 after purchasing an additional 62 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

About Penumbra

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.