Penumbra (NYSE:PEN) Hits New 12-Month High After Analyst Upgrade

Shares of Penumbra, Inc. (NYSE:PEN) hit a new 52-week high on Thursday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $370.00 price target on the stock, up from their previous price target of $275.00. Penumbra traded as high as $320.00 and last traded at $311.6410, with a volume of 50844 shares changing hands. The stock had previously closed at $309.26.

Several other analysts have also recently issued reports on the company. Evercore ISI reiterated an “outperform” rating and set a $286.00 target price on shares of Penumbra in a research report on Thursday, November 6th. Truist Financial dropped their target price on Penumbra from $310.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. Wells Fargo & Company started coverage on shares of Penumbra in a research note on Tuesday, November 18th. They issued an “underweight” rating for the company. Citigroup upgraded shares of Penumbra from a “neutral” rating to a “buy” rating and raised their target price for the stock from $285.00 to $350.00 in a research report on Thursday, December 11th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $355.00 target price on shares of Penumbra in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $328.80.

Insider Buying and Selling

In other news, EVP Johanna Roberts sold 300 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $300.13, for a total transaction of $90,039.00. Following the transaction, the executive vice president owned 63,836 shares of the company’s stock, valued at $19,159,098.68. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harpreet Grewal sold 100 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $292.98, for a total value of $29,298.00. Following the transaction, the director owned 8,416 shares of the company’s stock, valued at approximately $2,465,719.68. This trade represents a 1.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 34,744 shares of company stock worth $10,387,474 in the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Penumbra

Several hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in shares of Penumbra by 3.2% in the 1st quarter. Invesco Ltd. now owns 51,116 shares of the company’s stock valued at $13,669,000 after acquiring an additional 1,592 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Penumbra by 15.1% during the 1st quarter. HighTower Advisors LLC now owns 6,882 shares of the company’s stock valued at $1,840,000 after buying an additional 902 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Penumbra by 8.3% during the first quarter. Russell Investments Group Ltd. now owns 21,644 shares of the company’s stock valued at $5,788,000 after acquiring an additional 1,655 shares in the last quarter. Raymond James Financial Inc. raised its stake in shares of Penumbra by 38.5% in the first quarter. Raymond James Financial Inc. now owns 34,850 shares of the company’s stock worth $9,319,000 after purchasing an additional 9,687 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in shares of Penumbra by 13.8% in the 1st quarter. Hsbc Holdings PLC now owns 1,401 shares of the company’s stock worth $375,000 after buying an additional 170 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

The stock has a market capitalization of $12.19 billion, a PE ratio of 74.48, a price-to-earnings-growth ratio of 2.54 and a beta of 0.66. The company has a current ratio of 6.73, a quick ratio of 4.18 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average price of $272.30 and a 200 day moving average price of $260.05.

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.07. The firm had revenue of $354.69 million during the quarter, compared to analyst estimates of $340.77 million. Penumbra had a net margin of 12.30% and a return on equity of 11.35%. Penumbra’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period last year, the firm posted $0.85 earnings per share. Research analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current year.

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.