Penumbra (NYSE:PEN) Price Target Cut to $285.00 by Analysts at Citigroup

Penumbra (NYSE:PEN - Get Free Report) had its target price reduced by investment analysts at Citigroup from $320.00 to $285.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price objective indicates a potential upside of 16.78% from the company's previous close.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Penumbra from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 14th. Royal Bank Of Canada upped their price objective on shares of Penumbra from $315.00 to $330.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. UBS Group restated a "buy" rating and issued a $330.00 price objective (up from $320.00) on shares of Penumbra in a research report on Thursday, April 24th. Bank of America assumed coverage on shares of Penumbra in a research report on Friday, March 14th. They set a "buy" rating and a $320.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on Penumbra from $305.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Penumbra has an average rating of "Moderate Buy" and a consensus price target of $305.07.

Penumbra Stock Performance

NYSE PEN traded down $3.76 during trading on Wednesday, hitting $244.04. 485,076 shares of the company's stock traded hands, compared to its average volume of 498,020. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of 230.23, a PEG ratio of 2.21 and a beta of 0.47. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.68 and a current ratio of 6.30. The business has a 50 day moving average of $267.17 and a 200-day moving average of $268.32.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 3.41% and a return on equity of 11.14%. The firm had revenue of $324.14 million for the quarter, compared to the consensus estimate of $315.72 million. During the same period in the prior year, the firm posted $0.41 earnings per share. The company's revenue for the quarter was up 16.3% on a year-over-year basis. As a group, equities research analysts anticipate that Penumbra will post 3.67 earnings per share for the current fiscal year.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $252.70, for a total transaction of $151,620.00. Following the transaction, the executive vice president directly owned 66,057 shares of the company's stock, valued at $16,692,603.90. The trade was a 0.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bridget O'rourke sold 100 shares of Penumbra stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $286.15, for a total value of $28,615.00. Following the transaction, the director directly owned 5,423 shares in the company, valued at approximately $1,551,791.45. The trade was a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 114,810 shares of company stock valued at $31,734,215. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PEN. Synergy Investment Management LLC purchased a new position in Penumbra in the 1st quarter worth approximately $27,000. First Horizon Advisors Inc. lifted its holdings in Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after purchasing an additional 85 shares in the last quarter. Hurley Capital LLC purchased a new position in Penumbra in the 4th quarter worth approximately $56,000. Huntington National Bank lifted its holdings in Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after purchasing an additional 154 shares in the last quarter. Finally, AlphaQuest LLC purchased a new position in Penumbra in the 1st quarter worth approximately $66,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

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.

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