Truist Financial Cuts Penumbra (NYSE:PEN) Price Target to $300.00

Key Points

• Truist Financial has lowered its price target for Penumbra (NYSE:PEN) from $310.00 to $300.00, while maintaining a "buy" rating, suggesting a potential upside of 17.64%.
• Penumbra's stock has received various ratings from analysts, with one "strong buy," fourteen "buy," and three "hold" ratings, resulting in a consensus target price of $302.81.
• The company reported earnings of $0.86 per share, beating estimates and reflecting a 13.4% increase in revenue year-over-year.

Penumbra (NYSE:PEN - Get Free Report) had its price objective lowered by equities researchers at Truist Financial from $310.00 to $300.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 17.64% from the stock's previous close.

Several other equities research analysts have also weighed in on the stock. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Needham & Company LLC set a $326.00 price objective on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Robert W. Baird increased their price objective on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Evercore ISI dropped their price objective on shares of Penumbra from $300.00 to $285.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 7th. Finally, Citigroup decreased their target price on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $302.81.

Penumbra Stock Up 0.0%

Shares of Penumbra stock traded up $0.09 during trading on Wednesday, reaching $255.03. The company had a trading volume of 33,244 shares, compared to its average volume of 479,627. The company has a market cap of $9.95 billion, a price-to-earnings ratio of 67.83, a price-to-earnings-growth ratio of 2.28 and a beta of 0.41. The firm's fifty day moving average is $259.79 and its 200-day moving average is $261.81. 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 $198.68 and a fifty-two week high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last issued its 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 for the quarter, compared to analyst estimates of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The company's revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. Penumbra has set its FY 2025 guidance at EPS. On average, analysts anticipate that Penumbra will post 3.67 EPS for the current year.

Insider Activity

In related news, Director Harpreet Grewal sold 186 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $248.61, for a total value of $46,241.46. Following the completion of the transaction, the director owned 8,702 shares of the company's stock, valued at approximately $2,163,404.22. This trade represents a 2.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Arani Bose sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total transaction of $3,007,800.00. Following the completion of the transaction, the director directly owned 558 shares of the company's stock, valued at $139,862.70. This represents a 95.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,610 shares of company stock valued at $20,088,148 in the last ninety days. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penumbra

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Penumbra by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company's stock worth $990,760,000 after purchasing an additional 185,306 shares during the period. Geode Capital Management LLC raised its holdings in shares of Penumbra by 2.6% during the 2nd quarter. Geode Capital Management LLC now owns 706,404 shares of the company's stock valued at $181,314,000 after purchasing an additional 17,772 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Penumbra by 437.0% during the 1st quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company's stock valued at $188,159,000 after purchasing an additional 572,606 shares in the last quarter. Invesco Ltd. raised its holdings in Penumbra by 1,139.3% in the 2nd quarter. Invesco Ltd. now owns 633,485 shares of the company's stock worth $162,571,000 after acquiring an additional 582,369 shares during the period. Finally, Norges Bank bought a new position in Penumbra in the 2nd quarter worth $114,014,000. Institutional investors and hedge funds own 88.88% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.