Penumbra (NYSE:PEN) Downgraded to "Buy" Rating by Wall Street Zen

Wall Street Zen lowered shares of Penumbra (NYSE:PEN - Free Report) from a strong-buy rating to a buy rating in a report issued on Saturday.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada lifted their price objective on shares of Penumbra from $315.00 to $330.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Morgan Stanley increased their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an "equal weight" rating in a report on Wednesday, February 19th. BTIG Research reissued a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Piper Sandler reiterated an "overweight" rating and issued a $330.00 price target (up previously from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Finally, Canaccord Genuity Group boosted their price objective on shares of Penumbra from $323.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Penumbra currently has a consensus rating of "Moderate Buy" and an average price target of $302.40.

Penumbra Stock Up 1.4%

NYSE:PEN traded up $3.87 during midday trading on Friday, reaching $272.41. The company had a trading volume of 275,276 shares, compared to its average volume of 443,318. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 801.21, a PEG ratio of 2.83 and a beta of 0.53. The stock's fifty day simple moving average is $279.45 and its 200-day simple moving average is $265.62. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.17. The firm had revenue of $324.14 million for the quarter, compared to analyst estimates of $315.72 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. Penumbra's revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. On average, sell-side analysts anticipate that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Activity at Penumbra

In other Penumbra news, CAO Lambert Shiu sold 501 shares of Penumbra stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $282.88, for a total value of $141,722.88. Following the completion of the sale, the chief accounting officer now directly owns 32,969 shares in the company, valued at approximately $9,326,270.72. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 61,600 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $283.59, for a total value of $17,469,144.00. Following the sale, the chief executive officer now directly owns 16,376 shares in the company, valued at $4,644,069.84. This trade represents a 79.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 176,696 shares of company stock worth $50,207,745. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penumbra

Institutional investors have recently modified their holdings of the stock. Synergy Investment Management LLC purchased a new stake in Penumbra in the first quarter valued at approximately $27,000. First Horizon Advisors Inc. raised 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 last quarter. UMB Bank n.a. raised its holdings in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company's stock worth $46,000 after purchasing an additional 70 shares in the last quarter. Hurley Capital LLC acquired a new position in Penumbra during the fourth quarter worth about $56,000. Finally, Huntington National Bank grew its position in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after buying an additional 154 shares during the period. Hedge funds and other institutional investors 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.