Zacks Investment Research cut shares of Penumbra (NYSE:PEN) from a strong-buy rating to a hold rating in a research note issued to investors 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. “
Several other research firms have also recently weighed in on PEN. Wells Fargo & Co reissued an outperform rating and issued a $180.00 price target (up from $150.00) on shares of Penumbra in a report on Thursday, May 31st. ValuEngine raised shares of Penumbra from a hold rating to a buy rating in a report on Wednesday, May 9th. BMO Capital Markets increased their price target on shares of Penumbra from $115.00 to $140.00 and gave the company a market perform rating in a report on Wednesday, May 9th. Canaccord Genuity increased their price target on shares of Penumbra from $125.00 to $165.00 and gave the company a buy rating in a report on Wednesday, May 9th. Finally, Goldman Sachs Group initiated coverage on shares of Penumbra in a report on Wednesday, April 4th. They issued a buy rating and a $145.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $161.20.
Shares of PEN stock opened at $138.15 on Tuesday. The stock has a market capitalization of $4.81 billion, a PE ratio of 1,169.17, a PEG ratio of 42.52 and a beta of 0.11. Penumbra has a 52-week low of $77.75 and a 52-week high of $167.35.
Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.08. The company had revenue of $102.70 million for the quarter, compared to analysts’ expectations of $90.98 million. Penumbra had a net margin of 3.65% and a return on equity of 1.13%. Penumbra’s quarterly revenue was up 40.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) EPS. analysts predict that Penumbra will post 0.17 earnings per share for the current year.
In other Penumbra news, EVP Lynn Rothman sold 6,000 shares of the stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $135.05, for a total value of $810,300.00. Following the transaction, the executive vice president now directly owns 139,419 shares of the company’s stock, valued at approximately $18,828,535.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Bridget O’rourke purchased 700 shares of the stock in a transaction on Friday, May 25th. The stock was bought at an average cost of $156.40 per share, for a total transaction of $109,480.00. The disclosure for this purchase can be found here. Over the last three months, insiders sold 21,900 shares of company stock worth $3,002,726. Insiders own 10.70% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Preferred LLC bought a new position in shares of Penumbra during the first quarter worth approximately $101,000. Aperio Group LLC bought a new position in shares of Penumbra during the fourth quarter worth approximately $236,000. Xact Kapitalforvaltning AB bought a new position in shares of Penumbra during the fourth quarter worth approximately $269,000. WINTON GROUP Ltd bought a new position in shares of Penumbra during the first quarter worth approximately $274,000. Finally, Silvant Capital Management LLC bought a new position in shares of Penumbra during the first quarter worth approximately $319,000. 74.53% of the stock is currently owned by institutional investors.
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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