Morgan Stanley Issues Positive Forecast for Penumbra (NYSE:PEN) Stock Price

Key Points

• Morgan Stanley has raised its price target for Penumbra (NYSE:PEN) from $260.00 to $266.00, indicating a potential upside of 2.84% based on the stock's current price.
• A majority of analysts maintain a positive outlook on Penumbra, with thirteen analysts rating it as "buy" and others even upgrading it to "strong-buy" status.
• Penumbra's recent quarterly earnings report showed a revenue increase of 13.4% year-over-year, with an EPS of $0.86, surpassing estimates by $0.05.

Penumbra (NYSE:PEN - Get Free Report) had its price target lifted by investment analysts at Morgan Stanley from $260.00 to $266.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 2.84% from the stock's current price.

Several other research analysts have also recently issued reports on the company. Wall Street Zen upgraded Penumbra from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 14th. Canaccord Genuity Group set a $350.00 price target on Penumbra and gave the stock a "buy" rating in a research note on Wednesday. BTIG Research reissued a "buy" rating on shares of Penumbra in a research note on Thursday, April 24th. UBS Group set a $335.00 price target on shares of Penumbra and gave the company a "buy" rating in a research report on Wednesday. Finally, Royal Bank Of Canada reduced their price target on Penumbra from $330.00 to $325.00 and set an "outperform" rating on the stock in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $300.47.

Penumbra Stock Performance

Shares of Penumbra stock traded up $4.45 during trading hours on Thursday, hitting $258.66. 476,528 shares of the company were exchanged, compared to its average volume of 500,665. Penumbra has a 1 year low of $148.00 and a 1 year high of $310.00. The company has a current ratio of 6.30, a quick ratio of 3.68 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average of $250.23 and a 200-day moving average of $267.25. The stock has a market capitalization of $10.02 billion, a price-to-earnings ratio of 68.78, a P/E/G ratio of 2.02 and a beta of 0.47.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.81 by $0.05. Penumbra had a return on equity of 11.89% and a net margin of 11.54%. The business had revenue of $339.46 million during the quarter, compared to analysts' expectations of $327.37 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The company's quarterly revenue was up 13.4% compared to the same quarter last year. As a group, analysts expect that Penumbra will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 16,650 shares of the business's 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 owned 75,237 shares in the company, valued at approximately $21,771,330.69. The trade was a 18.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Maggie Yuen sold 2,000 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $299.01, for a total value of $598,020.00. Following the transaction, the chief financial officer owned 13,957 shares of the company's stock, valued at $4,173,282.57. This trade represents a 12.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,735 shares of company stock worth $31,074,530. 4.20% of the stock is owned by company insiders.

Institutional Trading of Penumbra

Institutional investors have recently modified their holdings of the company. Synergy Investment Management LLC acquired a new stake in shares of Penumbra in the first quarter valued at $27,000. First Horizon Advisors Inc. lifted 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 period. Hurley Capital LLC acquired a new stake in shares of Penumbra in the fourth quarter valued at $56,000. Huntington National Bank lifted 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 period. Finally, AlphaQuest LLC acquired a new stake in shares of Penumbra in the first quarter valued at $66,000. Institutional investors and hedge funds own 88.88% of the company's stock.

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.

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.