Bank of America Boosts Penumbra (NYSE:PEN) Price Target to $180.00

Penumbra (NYSE:PEN) had its price objective lifted by Bank of America from $150.00 to $180.00 in a research note issued to investors on Thursday, Briefing.com Automated Import reports. They currently have a buy rating on the stock.

A number of other brokerages have also weighed in on PEN. William Blair initiated coverage on shares of Penumbra in a report on Tuesday, May 21st. They issued an outperform rating for the company. Zacks Investment Research upgraded shares of Penumbra from a hold rating to a buy rating and set a $149.00 price objective for the company in a report on Saturday, May 11th. HC Wainwright restated a buy rating on shares of Penumbra in a report on Wednesday, April 17th. JPMorgan Chase & Co. upgraded shares of Penumbra from a neutral rating to an overweight rating and boosted their price objective for the stock from $140.00 to $170.00 in a report on Thursday, May 30th. Finally, ValuEngine upgraded shares of Penumbra from a hold rating to a buy rating in a report on Friday, March 15th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $164.17.

Penumbra stock traded up $1.07 during mid-day trading on Thursday, hitting $164.70. 49,644 shares of the company traded hands, compared to its average volume of 338,826. Penumbra has a one year low of $110.84 and a one year high of $169.57. The firm has a market cap of $5.67 billion, a PE ratio of 322.94, a PEG ratio of 8.69 and a beta of 0.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 6.10 and a quick ratio of 4.34.

Penumbra (NYSE:PEN) last announced its 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. The business had revenue of $128.44 million during the quarter, compared to analyst estimates of $123.09 million. Penumbra had a net margin of 2.51% and a return on equity of 5.84%. Penumbra’s revenue for the quarter was up 25.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 earnings per share. As a group, research analysts anticipate that Penumbra will post 0.87 earnings per share for the current year.

In related news, Director Bridget O’rourke sold 175 shares of Penumbra stock in a transaction on Monday, April 1st. The shares were sold at an average price of $145.72, for a total value of $25,501.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Arani Bose sold 55,000 shares of Penumbra stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $160.07, for a total transaction of $8,803,850.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,175 shares of company stock valued at $14,367,981. Company insiders own 9.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP purchased a new position in shares of Penumbra in the first quarter worth $576,000. Clearbridge Investments LLC increased its stake in shares of Penumbra by 10.1% in the first quarter. Clearbridge Investments LLC now owns 813,016 shares of the company’s stock worth $119,521,000 after buying an additional 74,377 shares during the period. Redmile Group LLC increased its stake in shares of Penumbra by 121.9% in the first 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. Gilder Gagnon Howe & Co. LLC increased its position in Penumbra by 44.4% during the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 46,094 shares of the company’s stock valued at $6,776,000 after purchasing an additional 14,163 shares during the period. Finally, FMR LLC increased its position in Penumbra by 3.4% during the 1st quarter. FMR LLC now owns 5,197,972 shares of the company’s stock valued at $764,155,000 after purchasing an additional 173,056 shares during the period. 86.59% of the stock is currently owned by institutional investors.

About Penumbra

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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Analyst Recommendations for Penumbra (NYSE:PEN)

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