Penumbra (NYSE:PEN) Price Target Cut to $290.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced its price target for Penumbra's stock from $315 to $290, maintaining an "overweight" rating, suggesting a potential upside of 12.80% from its current price.
• Other analysts have mixed ratings, with Robert W. Baird raising their target to $285, while Royal Bank of Canada and Truist Financial both increased theirs to $330, indicating continued confidence in the stock.
• Penumbra's recent earnings report showed $0.86 earnings per share, beating estimates, with revenue of $339.46 million, reflecting a 13.4% year-over-year increase, positioning the company to post an anticipated EPS of 3.67 for the current year.

Penumbra (NYSE:PEN - Get Free Report) had its target price dropped by equities researchers at Wells Fargo & Company from $315.00 to $290.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 19.59% from the stock's previous close.

A number of other brokerages have also commented on PEN. BTIG Research reiterated a "buy" rating on shares of Penumbra in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of Penumbra from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 14th. Stifel Nicolaus set a $318.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research note on Thursday, April 24th. Citigroup reduced their price target on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Finally, Canaccord Genuity Group set a $350.00 price target on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $300.47.

Penumbra Stock Down 3.9%

NYSE:PEN traded down $9.77 on Wednesday, reaching $242.50. 694,067 shares of the stock traded hands, compared to its average volume of 496,865. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 64.49, a PEG ratio of 2.27 and a beta of 0.40. 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 12 month low of $163.63 and a 12 month high of $310.00. The company's fifty day simple moving average is $249.42 and its 200 day simple moving average is $267.22.

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

Insider Activity at Penumbra

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

Hedge Funds Weigh In On Penumbra

Hedge funds have recently modified their holdings of the stock. Synergy Investment Management LLC purchased a new position in shares of Penumbra in the first quarter worth $27,000. First Horizon Advisors Inc. lifted its holdings 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 position in shares of Penumbra in the fourth quarter worth $56,000. AlphaQuest LLC purchased a new position in shares of Penumbra in the first quarter worth $66,000. Finally, Huntington National Bank lifted its holdings 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. Hedge funds and other institutional investors 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.