Penumbra, Inc. (PEN) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Penumbra, Inc. (NYSE:PEN) from a hold rating to a sell rating in a research note released on Thursday, May 11th.

According to Zacks, “Penumbra, Inc. is an interventional therapies company. It designs, develops, manufactures and markets medical devices. The company’s portfolio of products primarily addresses neuro and peripheral vascular medical conditions and clinical needs. Neuro products include Neurovascular Access, Neuron Access System, BENCHMARK Intracranial Access System, Penumbra System, 3D, Penumbra Coil 400, Penumbra SMART Coil and LIBERTY stent. Peripheral vascular products include Ruby Coil System, Penumbra Occlusion Device and Indigo System. It operates primarily in U.S., Europe, Canada and Australia. Penumbra, Inc. is headquartered in Alameda, California. “

Several other research analysts have also weighed in on the stock. BMO Capital Markets restated a buy rating and set a $96.00 price objective on shares of Penumbra in a research note on Wednesday, May 10th. Canaccord Genuity restated a buy rating and set a $91.00 price objective on shares of Penumbra in a research note on Monday, March 27th.

Shares of Penumbra (NYSE:PEN) opened at 84.45 on Thursday. Penumbra has a 12-month low of $54.96 and a 12-month high of $90.00. The firm’s 50-day moving average is $85.06 and its 200-day moving average is $77.12. The company has a market capitalization of $2.84 billion, a PE ratio of 302.69 and a beta of 0.15.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, May 9th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by $0.04. The business had revenue of $73.21 million during the quarter, compared to analyst estimates of $71.08 million. Penumbra had a negative net margin of 2.31% and a negative return on equity of 2.25%. The firm’s quarterly revenue was up 26.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share. On average, equities research analysts anticipate that Penumbra will post ($0.13) EPS for the current fiscal year.

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In related news, EVP Robert D. Evans sold 10,000 shares of Penumbra stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $85.24, for a total transaction of $852,400.00. Following the completion of the sale, the executive vice president now owns 12,075 shares of the company’s stock, valued at approximately $1,029,273. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 22.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in Penumbra by 82,715.0% in the first quarter. BlackRock Inc. now owns 1,733,318 shares of the company’s stock worth $144,643,000 after buying an additional 1,731,225 shares in the last quarter. Champlain Investment Partners LLC acquired a new stake in Penumbra during the fourth quarter worth about $19,729,000. FMR LLC increased its stake in Penumbra by 5.0% in the first quarter. FMR LLC now owns 4,985,173 shares of the company’s stock worth $416,013,000 after buying an additional 238,594 shares in the last quarter. Stephens Investment Management Group LLC acquired a new stake in Penumbra during the first quarter worth about $15,971,000. Finally, Eagle Asset Management Inc. acquired a new stake in Penumbra during the first quarter worth about $15,865,000. 68.67% of the stock is owned by institutional investors and hedge funds.

About Penumbra

Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.

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