Penumbra (NYSE:PEN) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Penumbra from “strong sell” to “hold,” joining a broader analyst consensus of “hold” with a $367.07 average price target.
• Penumbra shares opened at $324.61, while the company posted quarterly revenue of $390.05 million, up 14.9% year over year, but earnings per share of $0.88 fell short of the $1.16 consensus estimate.
• The medical-device maker has a $12.79 billion market capitalization and elevated valuation metrics, including a price-to-earnings ratio of 79.76; institutional investors own 88.88% of its stock.

Penumbra (NYSE:PEN - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Wall Street Zen raised Penumbra to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings restated a "hold (c)" rating on shares of Penumbra in a research report on Friday, July 17th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $374.00 price target on shares of Penumbra in a research note on Thursday, June 11th. Evercore reiterated an "outperform" rating and set a $320.00 price objective on shares of Penumbra in a research report on Monday, July 6th. Finally, Citigroup dropped their price objective on shares of Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Three analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $367.07.

Penumbra Trading Up 0.3%

Shares of Penumbra stock opened at $324.61 on Monday. Penumbra has a twelve month low of $221.26 and a twelve month high of $362.41. The company has a quick ratio of 3.86, a current ratio of 5.75 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $320.38 and a 200-day moving average price of $327.16. The firm has a market cap of $12.79 billion, a price-to-earnings ratio of 79.76, a PEG ratio of 2.01 and a beta of 0.70.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.88 EPS for the quarter, missing analysts' consensus estimates of $1.16 by ($0.28). The firm had revenue of $390.05 million during the quarter, compared to analysts' expectations of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.Penumbra's quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.86 earnings per share. Equities research analysts anticipate that Penumbra will post 5.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Penumbra

Several large investors have recently modified their holdings of PEN. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Penumbra in the second quarter worth $25,000. Larson Financial Group LLC increased its position in Penumbra by 4,100.0% during the fourth quarter. Larson Financial Group LLC now owns 84 shares of the company's stock valued at $26,000 after acquiring an additional 82 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Penumbra by 2,700.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company's stock valued at $26,000 after acquiring an additional 81 shares during the period. Motiv8 Investments LLC bought a new stake in shares of Penumbra in the 4th quarter worth about $27,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of Penumbra during the 2nd quarter worth about $31,000. Institutional investors own 88.88% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source