Penumbra (NYSE:PEN) Hits New 12-Month High – Here’s Why

Penumbra, Inc. (NYSE:PEN)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $277.89 and last traded at $276.01, with a volume of 690262 shares trading hands. The stock had previously closed at $268.20.

Wall Street Analysts Forecast Growth

PEN has been the subject of several recent analyst reports. UBS Group assumed coverage on Penumbra in a report on Tuesday. They set a “buy” rating and a $305.00 price objective for the company. Piper Sandler increased their price target on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Robert W. Baird lifted their price objective on shares of Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Truist Financial upped their target price on shares of Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, Citigroup raised their price target on Penumbra from $220.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $261.36.

Penumbra Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The business’s 50 day moving average price is $247.22 and its 200 day moving average price is $215.04. The stock has a market capitalization of $10.53 billion, a P/E ratio of 318.89, a price-to-earnings-growth ratio of 2.02 and a beta of 0.52.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 EPS. Sell-side analysts forecast that Penumbra, Inc. will post 2.81 EPS for the current year.

Insider Activity at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $244.49, for a total value of $146,694.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lambert Shiu sold 1,798 shares of Penumbra stock in a transaction on Friday, November 29th. The shares were sold at an average price of $242.56, for a total transaction of $436,122.88. Following the transaction, the chief accounting officer now owns 20,682 shares in the company, valued at approximately $5,016,625.92. This trade represents a 8.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,819 shares of company stock worth $8,129,483. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several institutional investors have recently made changes to their positions in the business. State Street Corp lifted its position in shares of Penumbra by 0.3% in the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after buying an additional 3,863 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Penumbra by 3,832.3% during the third quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in shares of Penumbra in the 3rd quarter worth $1,092,000. AlphaCentric Advisors LLC bought a new stake in shares of Penumbra in the 3rd quarter worth about $777,000. Finally, LMR Partners LLP purchased a new stake in shares of Penumbra during the 3rd quarter valued at about $2,330,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Company Profile

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.