Royal Bank of Canada Forecasts Strong Price Appreciation for Penumbra (NYSE:PEN) Stock

Penumbra (NYSE:PEN) had its price objective increased by Royal Bank of Canada from $285.00 to $313.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities analysts have also issued reports on PEN. Robert W. Baird upped their price target on Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research note on Wednesday. UBS Group upped their price objective on Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday. Oppenheimer initiated coverage on Penumbra in a report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price objective for the company. Wells Fargo & Company upped their price objective on Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, BTIG Research upped their price objective on Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Penumbra currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.64.

Penumbra Trading Up 12.0 %

Shares of PEN opened at $303.55 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The firm has a market capitalization of $11.65 billion, a PE ratio of 352.97, a price-to-earnings-growth ratio of 1.97 and a beta of 0.53. The stock’s fifty day simple moving average is $256.15 and its 200-day simple moving average is $225.97.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.09. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. As a group, research analysts predict that Penumbra will post 2.81 earnings per share for the current year.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the completion of the transaction, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the transaction, the director now directly owns 8,530 shares of the company’s stock, valued at $2,058,118.40. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,219 shares of company stock valued at $4,426,439 over the last three months. Company insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. True Wealth Design LLC acquired a new position in Penumbra during the third quarter valued at approximately $26,000. UMB Bank n.a. boosted its position in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after purchasing an additional 70 shares during the last quarter. Hurley Capital LLC acquired a new position in Penumbra during the fourth quarter valued at approximately $56,000. Huntington National Bank boosted its position in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after purchasing an additional 154 shares during the last quarter. Finally, Mather Group LLC. boosted its position in Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after purchasing an additional 208 shares during the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.