Canaccord Genuity Boosts Penumbra (NYSE:PEN) Price Target to $292.00

Penumbra (NYSE:PEN) had its price target raised by Canaccord Genuity from $253.00 to $292.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently commented on PEN. ValuEngine upgraded shares of Penumbra from a hold rating to a buy rating in a research note on Monday, October 12th. Citigroup upped their target price on shares of Penumbra from $214.00 to $264.00 and gave the company a buy rating in a research report on Tuesday, August 4th. Wells Fargo & Company upped their target price on shares of Penumbra from $205.00 to $255.00 and gave the company an overweight rating in a research report on Tuesday, August 4th. Bank of America cut shares of Penumbra from a buy rating to a neutral rating in a research report on Tuesday, September 8th. Finally, Zacks Investment Research cut shares of Penumbra from a hold rating to a sell rating in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $237.00.

Shares of Penumbra stock opened at $250.00 on Thursday. The company has a market capitalization of $8.40 billion, a P/E ratio of 802.51 and a beta of 0.67. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.06 and a current ratio of 7.42. The company has a fifty day moving average of $205.99 and a 200 day moving average of $195.22. Penumbra has a fifty-two week low of $121.80 and a fifty-two week high of $241.81.

Penumbra (NYSE:PEN) last issued its earnings results on Monday, August 3rd. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.09. The company had revenue of $105.11 million during the quarter, compared to the consensus estimate of $100.75 million. Penumbra had a net margin of 2.02% and a return on equity of 1.25%. Penumbra’s quarterly revenue was down 21.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. Analysts forecast that Penumbra will post -0.24 EPS for the current year.

In other Penumbra news, Director Don W. Kassing sold 712 shares of the company’s stock in a transaction dated Friday, October 9th. The shares were sold at an average price of $209.76, for a total value of $149,349.12. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Adam Elsesser sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $232.15, for a total transaction of $1,857,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 37,022 shares of company stock worth $8,089,417 over the last quarter. 8.90% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PEN. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Penumbra by 5.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 110,746 shares of the company’s stock worth $16,280,000 after buying an additional 5,935 shares during the last quarter. AXA raised its holdings in shares of Penumbra by 6.0% in the first quarter. AXA now owns 79,131 shares of the company’s stock worth $12,766,000 after buying an additional 4,481 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Penumbra in the first quarter worth $216,000. AQR Capital Management LLC raised its holdings in shares of Penumbra by 28.2% in the first quarter. AQR Capital Management LLC now owns 4,849 shares of the company’s stock worth $782,000 after buying an additional 1,067 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Penumbra by 1.7% in the first quarter. The Manufacturers Life Insurance Company now owns 55,508 shares of the company’s stock worth $8,955,000 after buying an additional 925 shares during the last quarter. 84.02% of the stock is owned by institutional investors and hedge funds.

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 aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the Penumbra JET, ACE, 3D Revascularization Device, and Penumbra ENGINE brands, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400, POD400, PAC400, and Penumbra SMART Coil brand names; and 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.

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Analyst Recommendations for Penumbra (NYSE:PEN)

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