Penumbra (NYSE:PEN) Stock Rating Lowered by Zacks Research

Penumbra (NYSE:PEN) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on PEN. Citigroup dropped their target price on shares of Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Evercore reaffirmed an “outperform” rating and issued a $335.00 price target on shares of Penumbra in a report on Thursday, May 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $374.00 price objective on shares of Penumbra in a research report on Thursday, June 11th. Finally, Wall Street Zen upgraded shares of Penumbra to a “hold” rating in a research note on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Penumbra presently has a consensus rating of “Hold” and a consensus target price of $361.33.

Penumbra Trading Up 0.0%

NYSE:PEN opened at $315.56 on Monday. The company has a market cap of $12.41 billion, a PE ratio of 72.71, a P/E/G ratio of 1.95 and a beta of 0.71. The business’s 50 day moving average is $322.35 and its two-hundred day moving average is $329.47. The company has a quick ratio of 3.95, a current ratio of 6.02 and a debt-to-equity ratio of 0.01. Penumbra has a 52 week low of $221.26 and a 52 week high of $362.41.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.24). Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The firm had revenue of $374.76 million during the quarter, compared to the consensus estimate of $370.47 million. During the same quarter last year, the firm posted $0.83 earnings per share. Penumbra’s revenue was up 15.6% compared to the same quarter last year. On average, analysts predict that Penumbra will post 5.04 EPS for the current year.

Insider Buying and Selling at Penumbra

In other news, Director Harpreet Grewal sold 100 shares of Penumbra stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total transaction of $32,822.00. Following the sale, the director owned 8,719 shares of the company’s stock, valued at approximately $2,861,750.18. The trade was a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Penumbra

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in shares of Penumbra by 35.8% in the first quarter. Royal Bank of Canada now owns 19,332 shares of the company’s stock worth $5,169,000 after purchasing an additional 5,092 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Penumbra by 209.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company’s stock valued at $70,000 after buying an additional 184 shares in the last quarter. Cerity Partners LLC increased its stake in Penumbra by 22.3% during the 2nd quarter. Cerity Partners LLC now owns 10,030 shares of the company’s stock valued at $2,574,000 after buying an additional 1,829 shares during the period. California Public Employees Retirement System increased its stake in Penumbra by 7.9% during the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company’s stock valued at $15,661,000 after buying an additional 4,491 shares during the period. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Penumbra during the 2nd quarter worth about $1,137,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.