Zacks Investment Research Upgrades Penumbra (PEN) to Hold

Penumbra (NYSE:PEN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

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 subject of a number of other reports. BMO Capital Markets reissued a “buy” rating and issued a $96.00 target price on shares of Penumbra in a research report on Friday, October 13th. Canaccord Genuity upped their target price on Penumbra from $100.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Finally, JPMorgan Chase & Co. cut Penumbra from an “overweight” rating to a “neutral” rating in a research report on Tuesday, January 2nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $111.50.

Shares of Penumbra (NYSE:PEN) traded up $1.25 during midday trading on Wednesday, hitting $91.35. The company had a trading volume of 214,556 shares, compared to its average volume of 388,977. The firm has a market cap of $3,100.00 and a PE ratio of 435.00. Penumbra has a 1 year low of $67.95 and a 1 year high of $116.35.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, November 7th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The firm had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $79.17 million. Penumbra had a negative return on equity of 1.95% and a negative net margin of 2.19%. The business’s revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) EPS. research analysts predict that Penumbra will post -0.15 earnings per share for the current fiscal year.

In other Penumbra news, Director Thomas Wilder sold 345 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $91.15, for a total transaction of $31,446.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arani Bose sold 16,452 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $105.89, for a total value of $1,742,102.28. Following the sale, the insider now directly owns 728,680 shares of the company’s stock, valued at $77,159,925.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 345,026 shares of company stock valued at $35,069,882. Insiders own 13.50% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. raised its stake in Penumbra by 8.4% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 131,584 shares of the company’s stock valued at $11,883,000 after acquiring an additional 10,232 shares during the last quarter. American International Group Inc. raised its stake in Penumbra by 8.1% during the 3rd quarter. American International Group Inc. now owns 19,655 shares of the company’s stock valued at $1,775,000 after acquiring an additional 1,470 shares during the last quarter. Vanguard Group Inc. raised its stake in Penumbra by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 2,165,995 shares of the company’s stock valued at $190,066,000 after acquiring an additional 47,768 shares during the last quarter. First Trust Advisors LP raised its stake in Penumbra by 118.6% during the 3rd quarter. First Trust Advisors LP now owns 48,328 shares of the company’s stock valued at $4,364,000 after acquiring an additional 26,215 shares during the last quarter. Finally, Nationwide Fund Advisors raised its stake in Penumbra by 3.1% during the 3rd quarter. Nationwide Fund Advisors now owns 94,098 shares of the company’s stock valued at $8,497,000 after acquiring an additional 2,841 shares during the last quarter. 71.71% of the stock is owned by hedge funds and other institutional investors.

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Penumbra Company Profile

Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.

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