Penumbra (PEN) Lowered to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Penumbra (NYSE:PEN) from a buy rating to a hold rating in a research report report published on Tuesday.

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. “

PEN has been the topic of several other reports. ValuEngine lowered Penumbra from a buy rating to a hold rating in a research report on Wednesday, August 8th. BMO Capital Markets upped their target price on Penumbra from $140.00 to $150.00 and gave the company a market perform rating in a research report on Thursday, August 9th. Canaccord Genuity reaffirmed a buy rating and set a $175.00 target price on shares of Penumbra in a research report on Monday, August 20th. TheStreet raised Penumbra from a d+ rating to a c rating in a research report on Monday, September 17th. Finally, Royal Bank of Canada began coverage on Penumbra in a research report on Monday, October 8th. They set an outperform rating and a $174.00 target price on the stock. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Penumbra has an average rating of Buy and a consensus target price of $145.57.

Shares of NYSE:PEN opened at $147.71 on Tuesday. Penumbra has a 1 year low of $82.55 and a 1 year high of $167.35. The stock has a market cap of $4.74 billion, a P/E ratio of -14,771.00, a price-to-earnings-growth ratio of 20.26 and a beta of 0.41.

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

In other Penumbra news, Director Harpreet Grewal sold 1,528 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $129.33, for a total transaction of $197,616.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert D. Evans sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $135.08, for a total value of $405,240.00. Following the sale, the executive vice president now owns 16,296 shares in the company, valued at approximately $2,201,263.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,518 shares of company stock worth $4,003,618. Company insiders own 10.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Picton Mahoney Asset Management purchased a new stake in Penumbra during the 3rd quarter valued at about $1,931,000. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Penumbra by 330.1% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 187,767 shares of the company’s stock worth $28,109,000 after buying an additional 144,111 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new stake in shares of Penumbra in the third quarter worth about $1,602,000. American Century Companies Inc. boosted its stake in shares of Penumbra by 6.6% in the third quarter. American Century Companies Inc. now owns 340,240 shares of the company’s stock worth $50,934,000 after buying an additional 21,064 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Penumbra by 16.3% in the third quarter. Wells Fargo & Company MN now owns 34,160 shares of the company’s stock worth $5,115,000 after buying an additional 4,794 shares during the last quarter. Institutional investors and hedge funds own 74.33% of the company’s stock.

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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