Penumbra (NYSE:PEN) Given a $310.00 Price Target at Truist Financial

Key Points

• Truist Financial has raised its price target for Penumbra (PEN) stock from $300 to $310, indicating a potential upside of 22.35% based on the stock's previous close.
• Penumbra's shares experienced a significant increase, trading up 11.5% to reach $253.37, with a trading volume that surpassed its average volume.
• The company reported quarterly earnings of $0.86 EPS, exceeding analyst expectations, and demonstrated a 13.4% increase in revenue year-over-year.

Truist Financial set a $310.00 price objective on Penumbra (NYSE:PEN - Free Report) in a research note released on Wednesday, Marketbeat.com reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently weighed in on the company. BTIG Research restated a "buy" rating on shares of Penumbra in a research note on Thursday, April 24th. UBS Group set a $335.00 target price on Penumbra and gave the company a "buy" rating in a research report on Wednesday. Wall Street Zen upgraded Penumbra from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 14th. William Blair upgraded Penumbra to a "strong-buy" rating in a research report on Friday, July 18th. Finally, Robert W. Baird set a $285.00 target price on Penumbra and gave the company an "outperform" rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Penumbra has an average rating of "Buy" and an average price target of $300.47.

Penumbra Price Performance

PEN stock traded down $6.09 during midday trading on Wednesday, hitting $246.18. The company's stock had a trading volume of 219,645 shares, compared to its average volume of 502,981. Penumbra has a 12 month low of $163.63 and a 12 month high of $310.00. The company has a quick ratio of 3.68, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $9.53 billion, a price-to-earnings ratio of 65.47, a price-to-earnings-growth ratio of 2.27 and a beta of 0.47. The company has a 50 day moving average of $249.95 and a two-hundred day moving average of $267.30.

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

Insiders Place Their Bets

In other news, Director Bridget O'rourke sold 100 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $286.15, for a total transaction of $28,615.00. Following the transaction, the director owned 5,423 shares in the company, valued at approximately $1,551,791.45. This trade represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $252.70, for a total value of $151,620.00. Following the transaction, the executive vice president owned 66,057 shares in the company, valued at approximately $16,692,603.90. This represents a 0.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,735 shares of company stock worth $30,476,510 over the last quarter. Company insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Penumbra

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Penumbra by 0.7% during the first quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company's stock valued at $982,825,000 after buying an additional 24,727 shares during the period. RTW Investments LP grew its stake in Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company's stock valued at $204,815,000 after purchasing an additional 66,700 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Penumbra by 47.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company's stock valued at $167,913,000 after purchasing an additional 227,506 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Penumbra by 437.0% in the first 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 during the last quarter. Finally, Bank of America Corp DE grew its stake in Penumbra by 19.9% in the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company's stock valued at $82,293,000 after purchasing an additional 57,421 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

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.