Penumbra (NYSE:PEN) Trading 3.2% Higher

Penumbra, Inc. (NYSE:PEN) was up 3.2% during trading on Tuesday . The company traded as high as $201.25 and last traded at $201.25. Approximately 40,351 shares traded hands during trading, a decline of 89% from the average daily volume of 383,027 shares. The stock had previously closed at $195.08.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PEN shares. Truist Financial reiterated a “buy” rating and issued a $200.00 target price (down previously from $230.00) on shares of Penumbra in a report on Wednesday, July 31st. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Royal Bank of Canada lowered their price target on Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Leerink Partners assumed coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price for the company. Finally, Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.27.

Penumbra Price Performance

The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $187.71 and a 200-day simple moving average of $201.46. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of 87.19, a price-to-earnings-growth ratio of 2.28 and a beta of 0.54.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Penumbra’s revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts expect that Penumbra, Inc. will post 2.63 EPS for the current year.

Insider Activity at Penumbra

In other news, Director Harpreet Grewal sold 782 shares of Penumbra stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total transaction of $159,614.02. Following the sale, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Penumbra news, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the completion of the transaction, the director now owns 8,863 shares in the company, valued at $1,809,026.93. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Don W. Kassing sold 170 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.99, for a total value of $30,598.30. Following the completion of the sale, the director now directly owns 1,005 shares in the company, valued at approximately $180,889.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,372 shares of company stock worth $3,888,852. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

A number of large investors have recently bought and sold shares of PEN. Champlain Investment Partners LLC lifted its holdings in Penumbra by 131.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after buying an additional 616,700 shares in the last quarter. Norges Bank acquired a new position in shares of Penumbra during the fourth quarter valued at $85,222,000. AQR Capital Management LLC boosted its holdings in Penumbra by 439.8% in the second quarter. AQR Capital Management LLC now owns 178,413 shares of the company’s stock valued at $31,283,000 after acquiring an additional 145,364 shares during the last quarter. Braidwell LP increased its position in Penumbra by 133.7% in the fourth quarter. Braidwell LP now owns 222,792 shares of the company’s stock worth $56,041,000 after purchasing an additional 127,477 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Penumbra by 96.7% during the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock worth $46,257,000 after purchasing an additional 126,392 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

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.