Truist Financial Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Penumbra (NYSE:PEN) had its target price lifted by equities researchers at Truist Financial from $312.00 to $370.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 18.11% from the stock’s previous close.

A number of other equities analysts also recently commented on PEN. Citigroup raised Penumbra from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $285.00 to $350.00 in a research report on Thursday, December 11th. Needham & Company LLC increased their price objective on Penumbra from $326.00 to $388.00 and gave the company a “buy” rating in a report on Wednesday. BTIG Research reissued a “buy” rating and set a $320.00 target price on shares of Penumbra in a research report on Monday, October 27th. JPMorgan Chase & Co. raised Penumbra from a “neutral” rating to an “overweight” rating and upped their price target for the company from $275.00 to $370.00 in a report on Thursday. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $286.00 target price on shares of Penumbra in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $333.47.

Penumbra Trading Up 1.3%

Shares of Penumbra stock traded up $4.00 on Thursday, reaching $313.26. The company had a trading volume of 155,200 shares, compared to its average volume of 481,898. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.18 and a current ratio of 6.73. The firm has a market cap of $12.27 billion, a PE ratio of 74.89, a PEG ratio of 2.54 and a beta of 0.66. The firm’s 50 day moving average price is $272.30 and its two-hundred day moving average price is $260.05. Penumbra has a 52-week low of $221.26 and a 52-week high of $320.00.

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

Insider Activity

In other Penumbra news, Director Arani Bose sold 15,000 shares of Penumbra stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $308.82, for a total transaction of $4,632,300.00. Following the sale, the director directly owned 258,462 shares in the company, valued at $79,818,234.84. The trade was a 5.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harpreet Grewal sold 100 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $292.98, for a total transaction of $29,298.00. Following the sale, the director directly owned 8,416 shares of the company’s stock, valued at $2,465,719.68. The trade was a 1.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,744 shares of company stock worth $10,387,474 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PEN. Invesco Ltd. grew its position in shares of Penumbra by 3.2% during the first quarter. Invesco Ltd. now owns 51,116 shares of the company’s stock worth $13,669,000 after acquiring an additional 1,592 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Penumbra by 15.1% during the first quarter. HighTower Advisors LLC now owns 6,882 shares of the company’s stock valued at $1,840,000 after purchasing an additional 902 shares during the period. Russell Investments Group Ltd. boosted its stake in Penumbra by 8.3% during the 1st quarter. Russell Investments Group Ltd. now owns 21,644 shares of the company’s stock valued at $5,788,000 after purchasing an additional 1,655 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Penumbra by 38.5% during the 1st quarter. Raymond James Financial Inc. now owns 34,850 shares of the company’s stock valued at $9,319,000 after purchasing an additional 9,687 shares during the period. Finally, Hsbc Holdings PLC raised its stake in shares of Penumbra by 13.8% in the 1st quarter. Hsbc Holdings PLC now owns 1,401 shares of the company’s stock worth $375,000 after buying an additional 170 shares in the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.