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Penumbra (NYSE:PEN) Given a $350.00 Price Target at Canaccord Genuity Group

Penumbra logo with Medical background

Key Points

  • Canaccord Genuity Group has raised its price target for Penumbra (NYSE:PEN) from $340 to $350, suggesting a potential upside of 54.01% from the company's previous close.
  • Penumbra reported a net revenue of $339.46 million in its latest quarter, exceeding analyst expectations and marking a 13.4% increase year-over-year.
  • Despite recent insider selling, institutional investors and hedge funds currently own 88.88% of Penumbra's stock, indicating strong institutional interest in the company.
  • MarketBeat previews the top five stocks to own by September 1st.

Penumbra (NYSE:PEN - Get Free Report) received a $350.00 price target from research analysts at Canaccord Genuity Group in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 44.33% from the stock's previous close.

Several other equities research analysts also recently issued reports on PEN. BTIG Research restated a "buy" rating on shares of Penumbra in a research note on Thursday, April 24th. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Royal Bank Of Canada lifted their price target on shares of Penumbra from $315.00 to $330.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Wells Fargo & Company lifted their price target on shares of Penumbra from $305.00 to $315.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Finally, Truist Financial lifted their price target on shares of Penumbra from $315.00 to $330.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Penumbra currently has an average rating of "Moderate Buy" and a consensus target price of $300.47.

Get Our Latest Research Report on PEN

Penumbra Trading Down 3.9%

Shares of Penumbra stock opened at $242.50 on Wednesday. The company's fifty day simple moving average is $249.42 and its 200-day simple moving average is $267.22. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 64.49, a PEG ratio of 2.27 and a beta of 0.40. The company has a current ratio of 6.75, a quick ratio of 3.68 and a debt-to-equity ratio of 0.02. Penumbra has a 1 year low of $163.63 and a 1 year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. The business had revenue of $339.46 million for the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. Penumbra's quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted $0.64 earnings per share. As a group, sell-side analysts expect that Penumbra will post 3.67 EPS for the current year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 16,650 shares of Penumbra stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $289.37, for a total transaction of $4,818,010.50. Following the completion of the transaction, the chief executive officer directly owned 75,237 shares of the company's stock, valued at approximately $21,771,330.69. This trade represents a 18.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Johanna Roberts sold 900 shares of Penumbra stock in a transaction on Monday, May 12th. The shares were sold at an average price of $298.55, for a total value of $268,695.00. Following the transaction, the executive vice president directly owned 65,314 shares of the company's stock, valued at approximately $19,499,494.70. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,735 shares of company stock valued at $30,476,510. Company insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Synergy Investment Management LLC bought a new position in shares of Penumbra in the first quarter valued at about $27,000. First Horizon Advisors Inc. raised its holdings in shares of Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after buying an additional 85 shares during the last quarter. Hurley Capital LLC bought a new position in shares of Penumbra in the fourth quarter valued at about $56,000. AlphaQuest LLC bought a new position in shares of Penumbra in the first quarter valued at about $66,000. Finally, Huntington National Bank raised its holdings in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company's stock valued at $63,000 after buying an additional 154 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

About Penumbra

(Get Free Report)

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.

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