Penumbra (NYSE:PEN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $176.00 price target on the stock. Zacks Investment Research‘s price objective points to a potential upside of 18.76% from the company’s previous close.
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 equities analysts have also recently issued reports on the company. Goldman Sachs Group started coverage on Penumbra in a research report on Wednesday, April 4th. They issued a “buy” rating and a $145.00 price objective on the stock. William Blair started coverage on Penumbra in a research report on Wednesday, February 21st. They issued an “outperform” rating on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $125.00 price objective (up from $113.00) on shares of Penumbra in a research report on Wednesday, February 28th. Wells Fargo & Co upped their price objective on Penumbra to $138.00 and gave the company an “outperform” rating in a research report on Tuesday, March 13th. Finally, BMO Capital Markets upped their price objective on Penumbra from $110.00 to $115.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $161.20.
Shares of PEN opened at $148.20 on Thursday. Penumbra has a 52 week low of $77.75 and a 52 week high of $167.35. The company has a market capitalization of $5.17 billion, a PE ratio of 1,256.67, a P/E/G ratio of 45.70 and a beta of 0.11.
Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.08. The business had revenue of $102.70 million for the quarter, compared to analysts’ expectations of $90.98 million. Penumbra had a return on equity of 1.13% and a net margin of 3.65%. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) EPS. research analysts predict that Penumbra will post 0.17 earnings per share for the current year.
In other Penumbra news, EVP Robert D. Evans sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $125.69, for a total transaction of $628,450.00. Following the completion of the sale, the executive vice president now directly owns 17,225 shares in the company, valued at approximately $2,165,010.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lynn Rothman sold 6,000 shares of the business’s stock in a transaction on Monday, May 7th. The shares were sold at an average price of $135.05, for a total transaction of $810,300.00. Following the sale, the executive vice president now owns 139,419 shares of the company’s stock, valued at $18,828,535.95. The disclosure for this sale can be found here. Insiders sold a total of 21,900 shares of company stock worth $3,002,726 over the last ninety days. 10.70% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PEN. Schwab Charles Investment Management Inc. raised its stake in Penumbra by 5.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 138,468 shares of the company’s stock valued at $13,030,000 after buying an additional 6,884 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Penumbra by 45.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,691 shares of the company’s stock valued at $159,000 after buying an additional 532 shares during the last quarter. Aperio Group LLC purchased a new stake in Penumbra during the 4th quarter valued at $236,000. Teacher Retirement System of Texas raised its stake in Penumbra by 321.0% during the 4th quarter. Teacher Retirement System of Texas now owns 9,969 shares of the company’s stock valued at $938,000 after buying an additional 7,601 shares during the last quarter. Finally, California Public Employees Retirement System purchased a new stake in Penumbra during the 4th quarter valued at $528,000. Institutional investors and hedge funds own 74.54% 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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