Penumbra (NYSE:PEN) Price Target Cut to $272.00 by Analysts at Canaccord Genuity Group

Penumbra (NYSE:PEN - Get Free Report) had its price target cut by investment analysts at Canaccord Genuity Group from $284.00 to $272.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 33.94% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Piper Sandler reduced their price objective on Penumbra from $290.00 to $260.00 and set an "overweight" rating on the stock in a research note on Wednesday. TheStreet upgraded Penumbra from a "d+" rating to a "c-" rating in a report on Friday, January 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of Penumbra in a research note on Wednesday. Truist Financial reduced their target price on shares of Penumbra from $290.00 to $280.00 and set a "buy" rating on the stock in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. lowered shares of Penumbra from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $284.00 to $250.00 in a report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $300.64.

Penumbra Price Performance

Shares of NYSE PEN traded down $6.93 during midday trading on Wednesday, reaching $203.07. 918,832 shares of the stock traded hands, compared to its average volume of 352,994. The company's 50 day moving average is $221.08 and its 200 day moving average is $231.82. Penumbra has a one year low of $180.93 and a one year high of $348.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.06 and a quick ratio of 3.49. The stock has a market capitalization of $7.87 billion, a PE ratio of 87.91, a P/E/G ratio of 2.06 and a beta of 0.57.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The business had revenue of $278.70 million for the quarter, compared to the consensus estimate of $274.94 million. During the same quarter last year, the business earned $0.23 EPS. Penumbra's revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities research analysts anticipate that Penumbra will post 2.85 earnings per share for the current year.

Insider Buying and Selling at Penumbra

In other news, Director Don W. Kassing sold 778 shares of the firm's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $234.72, for a total transaction of $182,612.16. Following the transaction, the director now owns 1,345 shares in the company, valued at $315,698.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $237.68, for a total transaction of $142,608.00. Following the transaction, the executive vice president now directly owns 62,997 shares of the company's stock, valued at $14,973,126.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Don W. Kassing sold 778 shares of the company's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $234.72, for a total value of $182,612.16. Following the sale, the director now owns 1,345 shares of the company's stock, valued at approximately $315,698.40. The disclosure for this sale can be found here. Insiders sold a total of 9,648 shares of company stock valued at $2,369,903 in the last ninety days. Corporate insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Penumbra by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company's stock valued at $920,159,000 after purchasing an additional 58,184 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Penumbra by 12.2% in the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company's stock worth $186,066,000 after acquiring an additional 90,444 shares in the last quarter. Invesco Ltd. grew its stake in shares of Penumbra by 6.4% during the third quarter. Invesco Ltd. now owns 551,923 shares of the company's stock worth $133,516,000 after acquiring an additional 33,107 shares during the last quarter. Rock Springs Capital Management LP increased its holdings in shares of Penumbra by 37.6% during the third quarter. Rock Springs Capital Management LP now owns 503,750 shares of the company's stock valued at $121,862,000 after acquiring an additional 137,750 shares in the last quarter. Finally, Norges Bank acquired a new stake in Penumbra in the 4th quarter worth approximately $85,222,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.