Penumbra (NYSE:PEN) Price Target Cut to $350.00 by Analysts at Citigroup

Penumbra (NYSE:PEN - Get Free Report) had its target price decreased by equities researchers at Citigroup from $374.00 to $350.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's price objective would indicate a potential upside of 7.82% from the company's previous close.

A number of other brokerages have also recently issued reports on PEN. BTIG Research cut shares of Penumbra from a "buy" rating to a "neutral" rating and set a $349.00 price target on the stock. in a research note on Thursday, January 15th. William Blair cut shares of Penumbra from an "outperform" rating to a "market perform" rating in a report on Thursday, January 15th. UBS Group reiterated a "neutral" rating and issued a $374.00 target price on shares of Penumbra in a research note on Thursday, February 26th. Wall Street Zen downgraded shares of Penumbra from a "buy" rating to a "hold" rating in a research report on Saturday, January 17th. Finally, Canaccord Genuity Group lowered shares of Penumbra from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $359.00 to $374.00 in a report on Tuesday, January 20th. Three analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $361.33.

Penumbra Stock Up 0.1%

Shares of Penumbra stock traded up $0.44 during trading on Thursday, hitting $324.63. The company's stock had a trading volume of 683,300 shares, compared to its average volume of 887,191. Penumbra has a 52 week low of $221.26 and a 52 week high of $362.41. The company has a market capitalization of $12.77 billion, a PE ratio of 71.82, a P/E/G ratio of 1.98 and a beta of 0.74. The company has a fifty day simple moving average of $333.52 and a two-hundred day simple moving average of $315.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.29 and a current ratio of 6.64.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.21). Penumbra had a net margin of 12.66% and a return on equity of 11.41%. The business had revenue of $374.76 million for the quarter, compared to analysts' expectations of $371.27 million. During the same quarter in the previous year, the business posted $0.83 earnings per share. Penumbra's revenue for the quarter was up 15.6% on a year-over-year basis. Equities research analysts predict that Penumbra will post 5.08 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Maggie Yuen sold 2,432 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $342.30, for a total transaction of $832,473.60. Following the completion of the sale, the chief financial officer owned 18,353 shares of the company's stock, valued at $6,282,231.90. The trade was a 11.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harpreet Grewal sold 100 shares of the company's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the completion of the sale, the director owned 8,719 shares of the company's stock, valued at $2,861,750.18. This trade represents a 1.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently bought and sold shares of PEN. Hsbc Holdings PLC raised its stake in shares of Penumbra by 2.3% in the fourth quarter. Hsbc Holdings PLC now owns 1,527 shares of the company's stock worth $475,000 after buying an additional 35 shares during the period. Farther Finance Advisors LLC increased its holdings in Penumbra by 27.1% in the 4th quarter. Farther Finance Advisors LLC now owns 178 shares of the company's stock worth $55,000 after acquiring an additional 38 shares in the last quarter. Swiss Life Asset Management Ltd increased its holdings in Penumbra by 2.3% in the 4th quarter. Swiss Life Asset Management Ltd now owns 1,728 shares of the company's stock worth $537,000 after acquiring an additional 39 shares in the last quarter. Abbot Financial Management Inc. raised its stake in Penumbra by 1.3% during the 3rd quarter. Abbot Financial Management Inc. now owns 3,254 shares of the company's stock worth $824,000 after acquiring an additional 42 shares during the period. Finally, Glenview Trust Co lifted its holdings in Penumbra by 5.0% during the third quarter. Glenview Trust Co now owns 904 shares of the company's stock valued at $229,000 after purchasing an additional 43 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra's technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra's portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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