Royal Bank Of Canada Cuts Penumbra (NYSE:PEN) Price Target to $325.00

Key Points

• Royal Bank of Canada has reduced its target price for Penumbra (NYSE:PEN) from $330 to $325 while maintaining an "outperform" rating, indicating a potential upside of 27.56% from the current price.
• Several analysts have differing views on Penumbra, with Truist Financial raising their target to $330 and Wells Fargo lowering it to $290; overall, the stock maintains an average "Buy" rating.
• Penumbra reported a revenue of $339.46 million for the last quarter, exceeding expectations, and noted a 13.4% increase compared to the previous year.

Penumbra (NYSE:PEN - Get Free Report) had its price target lowered by Royal Bank Of Canada from $330.00 to $325.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price would indicate a potential upside of 32.02% from the company's previous close.

A number of other research firms have also recently commented on PEN. Truist Financial boosted their target price on shares of Penumbra from $315.00 to $330.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. UBS Group set a $335.00 target price on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday. Wells Fargo & Company reduced their target price on shares of Penumbra from $315.00 to $290.00 and set an "overweight" rating on the stock in a research report on Wednesday. BTIG Research reissued a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Finally, Canaccord Genuity Group set a $350.00 target price on shares of Penumbra and gave the stock a "buy" rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $300.47.

Penumbra Price Performance

PEN traded down $6.09 during midday trading on Wednesday, reaching $246.18. 219,645 shares of the company's stock were exchanged, compared to its average volume of 502,981. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 3.68. Penumbra has a 1-year low of $163.63 and a 1-year high of $310.00. The business's 50-day moving average price is $249.95 and its 200 day moving average price is $267.30. The stock has a market capitalization of $9.53 billion, a PE ratio of 65.47, a P/E/G ratio of 2.27 and a beta of 0.47.

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

Insider Buying and Selling

In other Penumbra news, CEO Adam Elsesser sold 16,150 shares of Penumbra stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $233.16, for a total transaction of $3,765,534.00. Following the completion of the transaction, the chief executive officer owned 146,258 shares in the company, valued at approximately $34,101,515.28. The trade was a 9.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bridget O'rourke sold 100 shares of Penumbra stock in a transaction on 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 owned 5,423 shares of the company's stock, valued at $1,551,791.45. The trade was a 1.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,735 shares of company stock worth $30,476,510. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Large investors have recently made changes to their positions in the business. Synergy Investment Management LLC purchased a new position in shares of Penumbra in the first quarter valued at about $27,000. First Horizon Advisors Inc. lifted its position in shares of Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after buying an additional 85 shares in the last quarter. Hurley Capital LLC purchased a new stake in shares of Penumbra in the fourth quarter worth about $56,000. AlphaQuest LLC purchased a new stake in shares of Penumbra in the first quarter worth about $66,000. Finally, Huntington National Bank lifted its position in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after buying an additional 154 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, 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.