Penumbra (NYSE:PEN) Given New $340.00 Price Target at Canaccord Genuity Group

Penumbra (NYSE:PEN) had its target price upped by Canaccord Genuity Group from $323.00 to $340.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company raised their price objective on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. Oppenheimer started coverage on shares of Penumbra in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price objective for the company. Truist Financial raised their price objective on shares of Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Piper Sandler restated an “overweight” rating and issued a $330.00 price objective (up from $250.00) on shares of Penumbra in a research report on Wednesday. Finally, Morgan Stanley raised their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $292.64.

Penumbra Price Performance

PEN opened at $303.55 on Wednesday. The company has a market capitalization of $11.65 billion, a price-to-earnings ratio of 352.97, a PEG ratio of 1.97 and a beta of 0.53. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $256.15 and a 200-day moving average price of $225.97. Penumbra has a twelve month low of $148.00 and a twelve month high of $310.00.

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

Insiders Place Their Bets

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $244.49, for a total transaction of $146,694.00. Following the transaction, the executive vice president now directly owns 63,444 shares of the company’s stock, valued at approximately $15,511,423.56. This trade represents a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred 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 transaction, the director now directly owns 8,530 shares in the company, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,219 shares of company stock valued at $4,426,439. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PEN. True Wealth Design LLC purchased a new position in shares of Penumbra during the third quarter worth approximately $26,000. UMB Bank n.a. increased its stake in shares of Penumbra by 57.4% in the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares during the period. Hurley Capital LLC purchased a new position in shares of Penumbra in the fourth quarter worth $56,000. Huntington National Bank increased its stake in shares of Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares during the period. Finally, Mather Group LLC. increased its stake in shares of Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after buying an additional 208 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

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.