Evercore ISI Issues Pessimistic Forecast for Penumbra (NYSE:PEN) Stock Price

Key Points

• Evercore ISI has lowered its price target for Penumbra (NYSE:PEN) from $300 to $285, while maintaining an "outperform" rating, suggesting a potential upside of 15.64% from the stock's previous close.
• The stock has recently seen a decline of 3.6%, trading at $246.47, with a trading volume significantly below its average.
• In terms of analyst ratings, Penumbra has a consensus rating of "Moderate Buy" with a price target of approximately $301.93, following various ratings updates from multiple analysts.

Penumbra (NYSE:PEN - Get Free Report) had its price objective lowered by equities research analysts at Evercore ISI from $300.00 to $285.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Evercore ISI's price objective indicates a potential upside of 15.64% from the stock's previous close.

Several other equities analysts have also recently commented on PEN. Weiss Ratings reiterated a "hold (c)" rating on shares of Penumbra in a research note on Saturday, September 27th. Wells Fargo & Company set a $290.00 target price on shares of Penumbra in a research note on Wednesday, October 1st. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Wall Street Zen cut shares of Penumbra from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Finally, UBS Group set a $335.00 price target on shares of Penumbra and gave the company a "buy" rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $301.93.

Penumbra Stock Down 3.6%

NYSE PEN traded down $9.15 during trading on Tuesday, reaching $246.47. The company's stock had a trading volume of 129,826 shares, compared to its average volume of 485,570. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $9.61 billion, a PE ratio of 65.68, a PEG ratio of 2.31 and a beta of 0.41. The business has a 50-day moving average price of $258.15 and a 200-day moving average price of $262.54. Penumbra has a 1-year low of $190.51 and a 1-year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The business had revenue of $339.46 million during the quarter, compared to analysts' expectations of $327.37 million. During the same period in the previous year, the company earned $0.64 earnings per share. Penumbra's revenue for the quarter was up 13.4% on a year-over-year basis. Penumbra has set its FY 2025 guidance at EPS. On average, research analysts forecast that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Harpreet Grewal sold 186 shares of Penumbra stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $248.61, for a total transaction of $46,241.46. Following the completion of the sale, the director owned 8,702 shares in the company, valued at $2,163,404.22. The trade was a 2.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Elsesser sold 15,800 shares of Penumbra stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $269.65, for a total transaction of $4,260,470.00. Following the sale, the chief executive officer owned 182,460 shares of the company's stock, valued at approximately $49,200,339. This represents a 7.97% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,595 shares of company stock worth $23,984,492. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

Several institutional investors have recently modified their holdings of PEN. Synergy Investment Management LLC acquired a new stake in shares of Penumbra during the 1st quarter worth approximately $27,000. First Horizon Advisors Inc. raised its position in shares of Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after acquiring an additional 85 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in shares of Penumbra in the 2nd quarter valued at approximately $30,000. Parkside Financial Bank & Trust raised its position in shares of Penumbra by 70.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 160 shares of the company's stock valued at $41,000 after acquiring an additional 66 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Penumbra in the 2nd quarter valued at approximately $64,000. Institutional investors and hedge funds own 88.88% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.