Wells Fargo & Company Lowers Penumbra (NYSE:PEN) to Equal Weight

Wells Fargo & Company lowered shares of Penumbra (NYSE:PEN) from an overweight rating to an equal weight rating in a research report sent to investors on Wednesday, MarketBeat reports. They currently have $150.00 price objective on the stock, down from their prior price objective of $289.00.

Several other equities research analysts also recently commented on PEN. Canaccord Genuity Group decreased their price objective on Penumbra from $284.00 to $272.00 and set a buy rating for the company in a report on Wednesday, May 8th. Truist Financial decreased their price objective on Penumbra from $280.00 to $230.00 and set a buy rating for the company in a report on Tuesday, July 16th. BTIG Research decreased their price objective on Penumbra from $265.00 to $232.00 and set a buy rating for the company in a report on Monday, July 15th. Morgan Stanley decreased their price objective on Penumbra from $235.00 to $210.00 and set an equal weight rating for the company in a report on Monday, July 15th. Finally, Piper Sandler decreased their price objective on Penumbra from $290.00 to $260.00 and set an overweight rating for the company in a report on Wednesday, May 8th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $193.60.

Penumbra Trading Up 2.5 %

Shares of PEN stock opened at $175.51 on Wednesday. The company has a market cap of $6.82 billion, a P/E ratio of 74.06, a PEG ratio of 1.85 and a beta of 0.55. The stock has a 50 day simple moving average of $184.21 and a two-hundred day simple moving average of $214.27. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.25. Penumbra has a fifty-two week low of $148.00 and a fifty-two week high of $302.00.

Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $299.40 million during the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. Research analysts forecast that Penumbra will post 2.74 earnings per share for the current year.

Insider Activity at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $179.20, for a total transaction of $107,520.00. Following the transaction, the executive vice president now owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $200.98, for a total value of $3,014,700.00. Following the completion of the transaction, the chief executive officer now directly owns 942,582 shares in the company, valued at approximately $189,440,130.36. The disclosure for this sale can be found here. Insiders have sold a total of 31,970 shares of company stock valued at $6,428,404 over the last 90 days. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. boosted its position in Penumbra by 171.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock worth $27,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Penumbra in the first quarter valued at $29,000. Signaturefd LLC raised its stake in shares of Penumbra by 27.2% in the fourth quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after buying an additional 46 shares during the period. WASHINGTON TRUST Co bought a new stake in shares of Penumbra in the second quarter valued at $54,000. Finally, Quest Partners LLC bought a new stake in shares of Penumbra in the fourth quarter valued at $71,000. 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.