Penumbra (PEN) Lifted to “Buy” at Zacks Investment Research

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Penumbra (NYSE:PEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $157.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 6.29% from the company’s current price.

According to Zacks, “Penumbra, Inc. is an interventional therapies company. It designs, develops, manufactures and markets medical devices. The company’s portfolio of products primarily addresses neuro and peripheral vascular medical conditions and clinical needs. Neuro products include Neurovascular Access, Neuron Access System, BENCHMARK Intracranial Access System, Penumbra System, 3D, Penumbra Coil 400, Penumbra SMART Coil and LIBERTY stent. Peripheral vascular products include Ruby Coil System, Penumbra Occlusion Device and Indigo System. It operates primarily in U.S., Europe, Canada and Australia. Penumbra, Inc. is headquartered in Alameda, California. “

Several other research firms have also commented on PEN. Bank of America reiterated a “buy” rating and issued a $36.00 price target on shares of Penumbra in a research report on Monday, October 29th. ValuEngine upgraded shares of Penumbra from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. BMO Capital Markets increased their price target on shares of Penumbra from $150.00 to $152.00 and gave the company a “market perform” rating in a research report on Tuesday. Royal Bank of Canada initiated coverage on shares of Penumbra in a research report on Monday, October 8th. They issued an “outperform” rating and a $174.00 price target on the stock. Finally, TheStreet upgraded shares of Penumbra from a “d+” rating to a “c” rating in a research report on Monday, September 17th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Penumbra has a consensus rating of “Buy” and a consensus price target of $145.57.

PEN stock opened at $147.71 on Wednesday. The company has a market capitalization of $4.74 billion, a PE ratio of -14,771.00, a price-to-earnings-growth ratio of 20.26 and a beta of 0.41. Penumbra has a 12 month low of $82.55 and a 12 month high of $167.35.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Monday, November 5th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.03 by $0.14. The business had revenue of $111.80 million for the quarter, compared to analyst estimates of $103.59 million. Penumbra had a net margin of 7.19% and a return on equity of 2.78%. The company’s quarterly revenue was up 33.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.01 earnings per share. Sell-side analysts predict that Penumbra will post 0.34 EPS for the current fiscal year.

In related news, Director Harpreet Grewal sold 1,528 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $129.33, for a total transaction of $197,616.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel Donen Davis sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $125.05, for a total transaction of $937,875.00. The disclosure for this sale can be found here. Insiders have sold 30,518 shares of company stock worth $4,003,618 in the last three months. Insiders own 10.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PEN. Morgan Stanley raised its stake in Penumbra by 15.7% during the second quarter. Morgan Stanley now owns 710,987 shares of the company’s stock worth $98,222,000 after purchasing an additional 96,324 shares during the period. Baillie Gifford & Co. raised its stake in Penumbra by 6.8% during the second quarter. Baillie Gifford & Co. now owns 621,371 shares of the company’s stock worth $85,843,000 after purchasing an additional 39,668 shares during the period. American Century Companies Inc. raised its stake in Penumbra by 6.6% during the third quarter. American Century Companies Inc. now owns 340,240 shares of the company’s stock worth $50,934,000 after purchasing an additional 21,064 shares during the period. Victory Capital Management Inc. raised its stake in Penumbra by 11.1% during the third quarter. Victory Capital Management Inc. now owns 271,586 shares of the company’s stock worth $40,656,000 after purchasing an additional 27,106 shares during the period. Finally, First Trust Advisors LP raised its stake in Penumbra by 294.2% during the third quarter. First Trust Advisors LP now owns 261,832 shares of the company’s stock worth $39,196,000 after purchasing an additional 195,413 shares during the period. 74.33% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Company Profile

Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.

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