Penumbra (NYSE:PEN) Rating Reiterated by Needham & Company LLC

Penumbra (NYSE:PEN - Get Free Report)'s stock had its "hold" rating restated by Needham & Company LLC in a research note issued on Wednesday, Benzinga reports.

A number of other research firms have also recently commented on PEN. Canaccord Genuity Group restated a "buy" rating and issued a $284.00 price objective on shares of Penumbra in a research report on Friday, February 23rd. Royal Bank of Canada restated an "outperform" rating and issued a $289.00 price target on shares of Penumbra in a report on Friday, February 23rd. Truist Financial cut their price objective on Penumbra from $290.00 to $280.00 and set a "buy" rating on the stock in a report on Friday, March 22nd. Piper Sandler reissued an "overweight" rating and set a $290.00 target price on shares of Penumbra in a research note on Wednesday, April 3rd. Finally, TheStreet raised shares of Penumbra from a "d+" rating to a "c-" rating in a research note on Friday, January 12th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Penumbra has a consensus rating of "Moderate Buy" and a consensus target price of $300.64.

Penumbra Trading Down 3.3 %

NYSE PEN traded down $6.93 on Wednesday, reaching $203.07. The company had a trading volume of 918,832 shares, compared to its average volume of 352,994. Penumbra has a 52 week low of $180.93 and a 52 week high of $348.67. The stock's 50 day moving average is $221.08 and its 200-day moving average is $231.82. The company has a quick ratio of 3.49, a current ratio of 6.06 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of 87.91, a PEG ratio of 2.06 and a beta of 0.57.

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

Insider Activity at Penumbra

In other news, Director Don W. Kassing sold 170 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $223.18, for a total value of $37,940.60. Following the completion of the sale, the director now owns 1,175 shares of the company's stock, valued at approximately $262,236.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $237.68, for a total value of $142,608.00. Following the sale, the executive vice president now owns 62,997 shares in the company, valued at $14,973,126.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Don W. Kassing sold 170 shares of the firm's stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $223.18, for a total value of $37,940.60. Following the completion of the sale, the director now directly owns 1,175 shares of the company's stock, valued at $262,236.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,648 shares of company stock valued at $2,369,903. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Penumbra

A number of large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Penumbra during the fourth quarter worth $85,222,000. Rock Springs Capital Management LP boosted its holdings in shares of Penumbra by 37.6% during the 3rd quarter. Rock Springs Capital Management LP now owns 503,750 shares of the company's stock worth $121,862,000 after buying an additional 137,750 shares during the period. Braidwell LP grew its stake in Penumbra by 133.7% in the 4th quarter. Braidwell LP now owns 222,792 shares of the company's stock valued at $56,041,000 after buying an additional 127,477 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Penumbra by 81.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 222,279 shares of the company's stock valued at $53,772,000 after buying an additional 99,754 shares during the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Penumbra by 12.2% in the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company's stock valued at $186,066,000 after acquiring an additional 90,444 shares during the period. 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.