Canaccord Genuity Reiterates Buy Rating for Penumbra (NYSE:PEN)

Penumbra (NYSE:PEN)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a report issued on Wednesday, reports. They currently have a $200.00 price target on the stock, up from their prior price target of $175.00. Canaccord Genuity’s price target suggests a potential upside of 17.95% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of Penumbra from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Royal Bank of Canada restated an “outperform” rating and issued a $192.00 price objective on shares of Penumbra in a report on Monday. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $187.50.

NYSE:PEN opened at $169.57 on Wednesday. The firm’s 50 day simple moving average is $163.48 and its 200 day simple moving average is $155.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.24 and a quick ratio of 3.61. Penumbra has a one year low of $110.84 and a one year high of $185.70. The company has a market cap of $6.18 billion, a PE ratio of 332.49, a P/E/G ratio of 9.95 and a beta of 0.76.

Penumbra (NYSE:PEN) last posted its earnings results on Thursday, November 7th. The company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.07. The firm had revenue of $139.50 million for the quarter, compared to analyst estimates of $133.98 million. Penumbra had a net margin of 8.69% and a return on equity of 7.23%. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. Equities research analysts expect that Penumbra will post 0.95 EPS for the current year.

In related news, insider James Robert Pray sold 658 shares of Penumbra stock in a transaction on Monday, September 16th. The shares were sold at an average price of $150.00, for a total transaction of $98,700.00. Following the completion of the transaction, the insider now owns 1,578 shares of the company’s stock, valued at $236,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Coyne David 232,369 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. Over the last ninety days, insiders sold 57,217 shares of company stock worth $9,024,938. 9.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. HM Payson & Co. acquired a new position in shares of Penumbra in the 2nd quarter valued at about $80,000. First Mercantile Trust Co. bought a new stake in Penumbra in the third quarter worth approximately $101,000. CENTRAL TRUST Co lifted its stake in Penumbra by 22.8% in the third quarter. CENTRAL TRUST Co now owns 1,217 shares of the company’s stock valued at $164,000 after buying an additional 226 shares during the period. LS Investment Advisors LLC acquired a new position in Penumbra in the third quarter valued at approximately $185,000. Finally, Ellington Management Group LLC bought a new position in shares of Penumbra during the 2nd quarter worth approximately $208,000. 95.17% of the stock is currently owned by institutional investors and hedge funds.

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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