Penumbra (NYSE:PEN) PT Set at $335.00 by UBS Group

Key Points

• UBS Group has increased its target price on Penumbra (NYSE:PEN) from $330.00 to $335.00, indicating a potential upside of 31.40% from the current stock price.
• The stock received multiple upgrades, with Wall Street Zen upgrading it to a "strong-buy" rating and 13 analysts giving it a "buy" rating overall.
• Penumbra's recent earnings report showed a 13.4% year-over-year revenue increase, with an earnings per share (EPS) of $0.86, surpassing analyst expectations.

UBS Group set a $335.00 price objective on Penumbra (NYSE:PEN - Free Report) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently weighed in on PEN. Stifel Nicolaus set a $318.00 price objective on Penumbra and gave the stock a "buy" rating in a report on Thursday, April 24th. Royal Bank Of Canada boosted their price objective on Penumbra from $315.00 to $330.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. BTIG Research reissued a "buy" rating on shares of Penumbra in a report on Thursday, April 24th. William Blair raised Penumbra to a "strong-buy" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company dropped their price objective on Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a report on Wednesday. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $300.47.

Penumbra Price Performance

Shares of Penumbra stock traded down $9.77 during trading on Wednesday, reaching $242.50. The company's stock had a trading volume of 694,067 shares, compared to its average volume of 496,865. The stock has a 50-day moving average price of $249.42 and a two-hundred day moving average price of $267.25. The company has a current ratio of 6.75, a quick ratio of 3.68 and a debt-to-equity ratio of 0.02. Penumbra has a one year low of $163.63 and a one year high of $310.00. The stock has a market capitalization of $9.46 billion, a P/E ratio of 64.49, a price-to-earnings-growth ratio of 2.19 and a beta of 0.40.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. The business had revenue of $339.46 million during the quarter, compared to analysts' expectations of $327.37 million. Penumbra had a return on equity of 11.55% and a net margin of 11.54%. The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 earnings per share. As a group, sell-side analysts anticipate that Penumbra will post 3.67 EPS for the current fiscal year.

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 16,650 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $289.37, for a total value of $4,818,010.50. Following the completion of the transaction, the chief executive officer directly owned 75,237 shares in the company, valued at approximately $21,771,330.69. The trade was a 18.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 900 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $298.55, for a total value of $268,695.00. Following the completion of the transaction, the executive vice president owned 65,314 shares of the company's stock, valued at $19,499,494.70. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,735 shares of company stock valued at $30,476,510 over the last quarter. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Penumbra

Several institutional investors and hedge funds have recently modified their holdings of PEN. Synergy Investment Management LLC acquired a new position in shares of Penumbra in the 1st quarter valued at approximately $27,000. First Horizon Advisors Inc. boosted its position in Penumbra by 404.8% during the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after acquiring an additional 85 shares during the last quarter. Hurley Capital LLC acquired a new position in Penumbra during the 4th quarter worth approximately $56,000. Huntington National Bank boosted its position in Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after acquiring an additional 154 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in Penumbra during the 1st quarter worth approximately $66,000. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.