Zacks Investment Research cut shares of Penumbra (NYSE:PEN) from a buy rating to a hold rating in a research note released on Thursday, Zacks.com reports.
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 brokerages also recently issued reports on PEN. HC Wainwright reissued a buy rating on shares of Penumbra in a report on Wednesday, April 17th. William Blair assumed coverage on shares of Penumbra in a report on Tuesday, May 21st. They set an outperform rating for the company. JPMorgan Chase & Co. raised shares of Penumbra from a neutral rating to an overweight rating and lifted their price target for the company from $140.00 to $170.00 in a report on Thursday, May 30th. ValuEngine raised shares of Penumbra from a hold rating to a buy rating in a report on Friday, June 7th. Finally, Bank of America boosted their target price on shares of Penumbra from $150.00 to $180.00 and gave the stock a buy rating in a research note on Thursday, June 13th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $167.14.
PEN stock traded down $5.69 during trading on Thursday, hitting $162.12. 382,265 shares of the stock traded hands, compared to its average volume of 357,681. Penumbra has a one year low of $110.84 and a one year high of $185.70. The stock has a market cap of $5.83 billion, a PE ratio of 317.88, a price-to-earnings-growth ratio of 8.95 and a beta of 0.65. The stock has a 50 day moving average of $168.94. The company has a debt-to-equity ratio of 0.11, a quick ratio of 4.34 and a current ratio of 6.10.
Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.10. Penumbra had a net margin of 2.51% and a return on equity of 5.84%. The firm had revenue of $128.44 million during the quarter, compared to the consensus estimate of $123.09 million. During the same period last year, the firm posted $0.15 EPS. The firm’s quarterly revenue was up 25.1% on a year-over-year basis. As a group, research analysts forecast that Penumbra will post 0.87 EPS for the current year.
In other Penumbra news, CFO Sridhar Kosaraju sold 5,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $159.96, for a total value of $799,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Elsesser sold 8,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $125.30, for a total transaction of $1,002,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,412 shares of company stock valued at $6,127,198. Insiders own 9.60% of the company’s stock.
Several large investors have recently modified their holdings of PEN. Thoroughbred Financial Services LLC grew its position in shares of Penumbra by 16,171.3% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,247,360 shares of the company’s stock worth $124,736,000 after buying an additional 1,239,694 shares during the period. Norges Bank acquired a new stake in shares of Penumbra during the 4th quarter worth approximately $37,373,000. Ardevora Asset Management LLP acquired a new stake in shares of Penumbra during the 2nd quarter worth approximately $36,096,000. Wells Fargo & Company MN grew its position in shares of Penumbra by 1,121.4% during the 1st quarter. Wells Fargo & Company MN now owns 238,360 shares of the company’s stock worth $35,041,000 after buying an additional 218,844 shares during the period. Finally, Redmile Group LLC grew its position in shares of Penumbra by 121.9% during the 1st quarter. Redmile Group LLC now owns 323,170 shares of the company’s stock worth $47,509,000 after buying an additional 177,562 shares during the period. Institutional investors own 90.22% 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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