Canaccord Genuity Group Cuts Penumbra (NYSE:PEN) Price Target to $272.00

Penumbra (NYSE:PEN) had its price objective cut by Canaccord Genuity Group from $284.00 to $272.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also commented on PEN. Royal Bank of Canada restated an outperform rating and set a $289.00 price target on shares of Penumbra in a research report on Friday, February 23rd. Needham & Company LLC restated a hold rating on shares of Penumbra in a research note on Wednesday. JPMorgan Chase & Co. cut Penumbra from an overweight rating to a neutral rating and cut their price target for the company from $284.00 to $250.00 in a report on Friday, February 23rd. 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. Finally, TheStreet raised Penumbra from a d+ rating to a c- rating in a research note on Friday, January 12th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $300.64.

Penumbra Stock Performance

NYSE PEN traded up $6.31 during trading hours on Wednesday, reaching $209.40. The company’s stock had a trading volume of 380,712 shares, compared to its average volume of 353,362. The stock has a market cap of $8.12 billion, a PE ratio of 87.91, a PEG ratio of 2.06 and a beta of 0.57. The business has a 50-day simple moving average of $221.08 and a 200 day simple moving average of $231.82. Penumbra has a 52 week low of $180.93 and a 52 week high of $348.67. The company has a current ratio of 6.06, a quick ratio of 3.49 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The company had revenue of $278.70 million for the quarter, compared to analyst estimates of $274.94 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities research analysts predict that Penumbra will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Penumbra news, Director Arani Bose sold 7,500 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $250.20, for a total value of $1,876,500.00. Following the completion of the sale, the director now directly owns 164,294 shares of the company’s stock, valued at approximately $41,106,358.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Penumbra news, Director Arani Bose sold 7,500 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $250.20, for a total value of $1,876,500.00. Following the transaction, the director now owns 164,294 shares of the company’s stock, valued at $41,106,358.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $217.07, for a total value of $130,242.00. Following the sale, the executive vice president now owns 64,281 shares of the company’s stock, valued at approximately $13,953,476.67. The disclosure for this sale can be found here. Insiders have sold a total of 9,648 shares of company stock valued at $2,369,903 over the last three months. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp increased its position in shares of Penumbra by 13.9% in the fourth quarter. Fifth Third Bancorp now owns 378 shares of the company’s stock worth $95,000 after acquiring an additional 46 shares in the last quarter. Signaturefd LLC raised its stake in Penumbra by 27.2% during the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock valued at $54,000 after purchasing an additional 46 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Penumbra by 171.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after purchasing an additional 67 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of Penumbra by 0.4% in the third quarter. Treasurer of the State of North Carolina now owns 16,394 shares of the company’s stock valued at $3,966,000 after purchasing an additional 70 shares in the last quarter. Finally, M&T Bank Corp boosted its position in shares of Penumbra by 6.1% in the third quarter. M&T Bank Corp now owns 1,262 shares of the company’s stock worth $305,000 after buying an additional 72 shares during the period. Institutional investors and hedge funds 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.