Penumbra (NYSE:PEN) Earns Outperform Rating from Analysts at Evercore ISI

Key Points

• Evercore ISI has initiated coverage of Penumbra (NYSE:PEN) with an outperform rating and a price target of $300.00, indicating a potential upside of 9.91%.
• Pennumbra recently reported an earnings per share of $0.86, surpassing analysts' estimates, while revenue increased by 13.4% year-over-year.
• A significant portion of Penumbra's shares, 88.88%, is owned by institutional investors and hedge funds, showcasing strong institutional confidence in the company.

Analysts at Evercore ISI initiated coverage on shares of Penumbra (NYSE:PEN - Get Free Report) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage set an "outperform" rating and a $300.00 price target on the stock. Evercore ISI's price target points to a potential upside of 9.91% from the company's previous close.

Other analysts also recently issued reports about the company. Citigroup cut their target price on Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Robert W. Baird upped their target price on Penumbra from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Canaccord Genuity Group set a $350.00 target price on Penumbra and gave the company a "buy" rating in a research report on Wednesday, July 30th. Truist Financial set a $310.00 price target on Penumbra and gave the stock a "buy" rating in a report on Wednesday, July 30th. Finally, Wells Fargo & Company lowered their price target on Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Penumbra presently has a consensus rating of "Moderate Buy" and a consensus target price of $300.44.

Penumbra Stock Performance

NYSE:PEN opened at $272.96 on Tuesday. The stock has a fifty day moving average price of $247.69 and a 200-day moving average price of $265.41. The company has a market cap of $10.65 billion, a price-to-earnings ratio of 72.60, a PEG ratio of 2.45 and a beta of 0.45. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. Penumbra has a fifty-two week low of $184.80 and a fifty-two week high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. The firm had revenue of $339.46 million during 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 company's revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Penumbra will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, CEO Adam Elsesser sold 16,150 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $233.16, for a total value of $3,765,534.00. Following the completion of the transaction, the chief executive officer owned 146,258 shares of the company's stock, valued at $34,101,515.28. This represents a 9.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arani Bose sold 12,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total value of $3,007,800.00. Following the completion of the transaction, the director directly owned 558 shares of the company's stock, valued at approximately $139,862.70. The trade was a 95.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,487 shares of company stock worth $27,494,779 over the last 90 days. Corporate insiders own 5.00% of the company's stock.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new position in Penumbra in the 2nd quarter worth about $30,000. State of Wyoming acquired a new position in Penumbra in the 2nd quarter worth about $64,000. Castleark Management LLC increased its holdings in Penumbra by 61.3% in the 2nd quarter. Castleark Management LLC now owns 24,591 shares of the company's stock worth $6,311,000 after purchasing an additional 9,346 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Penumbra by 19.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 26,675 shares of the company's stock worth $6,846,000 after purchasing an additional 4,324 shares in the last quarter. Finally, Corient Private Wealth LLC increased its holdings in Penumbra by 4.1% in the 2nd quarter. Corient Private Wealth LLC now owns 2,335 shares of the company's stock worth $599,000 after purchasing an additional 92 shares in the last quarter. 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.

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