Needham & Company LLC Upgrades Penumbra (NYSE:PEN) to "Buy"

Key Points

• Needham & Company LLC upgraded Penumbra from a "hold" rating to a "buy" rating, with a price target of $326.00, indicating a potential upside of 25.87% from the stock's previous close.
• Penumbra's recent earnings report showed a quarterly revenue of $339.46 million, exceeding analyst expectations and reflecting a 13.4% increase compared to the previous year.
• Currently, Penumbra has an average analyst rating of "Moderate Buy" with a consensus target price of $303.44, supported by the majority of analysts issuing a buy or strong buy rating.

Penumbra (NYSE:PEN - Get Free Report) was upgraded by stock analysts at Needham & Company LLC from a "hold" rating to a "buy" rating in a note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has a $326.00 price target on the stock. Needham & Company LLC's price target suggests a potential upside of 25.87% from the stock's previous close.

A number of other research firms also recently weighed in on PEN. Evercore ISI dropped their price target on Penumbra from $300.00 to $285.00 and set an "outperform" rating on the stock in a research note on Tuesday. Robert W. Baird increased their price objective on Penumbra from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. William Blair upgraded Penumbra to a "strong-buy" rating in a research report on Friday, July 18th. Wells Fargo & Company set a $290.00 price target on Penumbra in a research report on Wednesday, October 1st. Finally, Truist Financial set a $310.00 target price on Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $303.44.

Penumbra Stock Up 0.0%

Shares of PEN opened at $259.00 on Wednesday. The company has a market capitalization of $10.10 billion, a PE ratio of 68.88, a PEG ratio of 2.25 and a beta of 0.41. Penumbra has a 12 month low of $192.54 and a 12 month high of $310.00. The stock's 50-day moving average price is $258.68 and its two-hundred day moving average price is $262.42. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN - Get Free Report) last announced its 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. The firm had revenue of $339.46 million for the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a return on equity of 11.55% and a net margin of 11.54%.The business's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. On average, analysts anticipate that Penumbra will post 3.67 EPS for the current year.

Insider Activity at Penumbra

In related news, Director Arani Bose sold 12,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $250.65, for a total transaction of $3,007,800.00. Following the sale, the director directly owned 558 shares of the company's stock, valued at $139,862.70. This represents a 95.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $270.58, for a total transaction of $162,348.00. Following the completion of the sale, the executive vice president directly owned 64,857 shares in the company, valued at approximately $17,549,007.06. This represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 80,610 shares of company stock valued at $20,088,148 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Penumbra

A number of large investors have recently bought and sold shares of PEN. Vanguard Group Inc. lifted its stake in shares of Penumbra by 5.0% in the second quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company's stock valued at $990,760,000 after purchasing an additional 185,306 shares during the period. Geode Capital Management LLC lifted its position in Penumbra by 2.6% during the second quarter. Geode Capital Management LLC now owns 706,404 shares of the company's stock valued at $181,314,000 after buying an additional 17,772 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Penumbra by 437.0% during the first quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company's stock valued at $188,159,000 after purchasing an additional 572,606 shares during the period. Invesco Ltd. increased its stake in shares of Penumbra by 1,139.3% in the second quarter. Invesco Ltd. now owns 633,485 shares of the company's stock worth $162,571,000 after buying an additional 582,369 shares during the last quarter. Finally, Norges Bank bought a new stake in Penumbra during the second quarter valued at $114,014,000. Hedge funds and other institutional investors 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.

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