Penumbra (NYSE:PEN) Given New $285.00 Price Target at JPMorgan Chase & Co.

Penumbra (NYSE:PEN) had its target price raised by JPMorgan Chase & Co. from $230.00 to $285.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently weighed in on PEN. UBS Group boosted their target price on Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup boosted their target price on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Wells Fargo & Company boosted their target price on Penumbra from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Wednesday. Finally, Morgan Stanley boosted their target price on Penumbra from $240.00 to $260.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $292.64.

Penumbra Stock Performance

Shares of PEN opened at $303.55 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The stock has a 50 day moving average price of $256.15 and a two-hundred day moving average price of $225.97. The firm has a market capitalization of $11.65 billion, a P/E ratio of 352.97, a P/E/G ratio of 1.97 and a beta of 0.53. Penumbra has a 52 week low of $148.00 and a 52 week high of $310.00.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. The firm had revenue of $315.52 million during the quarter, compared to analyst estimates of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. Equities analysts forecast that Penumbra will post 2.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penumbra news, Director Harpreet Grewal sold 167 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the sale, the chief executive officer now owns 837,582 shares in the company, valued at approximately $203,498,922.72. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock worth $4,426,439 over the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Cache Advisors LLC bought a new position in shares of Penumbra in the fourth quarter worth $534,000. Public Employees Retirement System of Ohio increased its holdings in shares of Penumbra by 6.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 22,399 shares of the company’s stock worth $5,319,000 after purchasing an additional 1,316 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Penumbra by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 111,500 shares of the company’s stock worth $26,479,000 after purchasing an additional 13,929 shares during the period. Woodline Partners LP increased its holdings in shares of Penumbra by 396.0% in the fourth quarter. Woodline Partners LP now owns 25,323 shares of the company’s stock worth $6,014,000 after purchasing an additional 20,218 shares during the period. Finally, Vident Advisory LLC bought a new position in shares of Penumbra in the fourth quarter worth $212,000. Institutional investors own 88.88% of the company’s stock.

About Penumbra

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.