Penumbra Inc. (NYSE:PEN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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 equities research analysts have also commented on PEN. Canaccord Genuity set a $67.00 price target on shares of Penumbra and gave the company a “buy” rating in a report on Wednesday, July 20th. BMO Capital Markets initiated coverage on shares of Penumbra in a report on Monday, October 17th. They issued an “outperform” rating and a $86.00 price target on the stock.
Shares of Penumbra (NYSE:PEN) traded up 1.63% during trading on Tuesday, reaching $68.70. 64,591 shares of the company traded hands. The stock has a market capitalization of $2.17 billion, a PE ratio of 2748.00 and a beta of 0.31. Penumbra has a 52 week low of $40.23 and a 52 week high of $79.49. The firm has a 50 day moving average of $67.91 and a 200 day moving average of $65.30.
Penumbra (NYSE:PEN) last posted its quarterly earnings results on Thursday, November 3rd. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.04. Penumbra had a net margin of 0.61% and a return on equity of 0.61%. The company had revenue of $67.20 million for the quarter, compared to analyst estimates of $63.25 million. During the same period in the prior year, the company earned $0.03 earnings per share. The firm’s revenue was up 33.3% on a year-over-year basis. On average, equities analysts predict that Penumbra will post ($0.10) EPS for the current year.
In other Penumbra news, EVP Robert D. Evans sold 3,100 shares of the company’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $70.10, for a total value of $217,310.00. Following the completion of the transaction, the executive vice president now owns 2,538 shares in the company, valued at $177,913.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sridhar Kosaraju sold 25,000 shares of the company’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $65.07, for a total transaction of $1,626,750.00. The disclosure for this sale can be found here. 22.00% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Penumbra by 723.5% in the second quarter. BlackRock Inc. now owns 2,487 shares of the company’s stock worth $148,000 after buying an additional 2,185 shares during the period. Quantbot Technologies LP purchased a new position in shares of Penumbra during the second quarter worth $151,000. BNP Paribas Arbitrage SA increased its position in shares of Penumbra by 108.6% in the third quarter. BNP Paribas Arbitrage SA now owns 2,149 shares of the company’s stock worth $163,000 after buying an additional 1,119 shares during the period. Legal & General Group Plc purchased a new position in shares of Penumbra during the second quarter worth $164,000. Finally, SG Americas Securities LLC purchased a new position in shares of Penumbra during the third quarter worth $202,000. Institutional investors and hedge funds own 54.81% of the company’s stock.
Penumbra Company Profile
Penumbra, Inc (Penumbra) is an interventional therapies company. The Company designs, develops, manufactures and markets medical devices. The Company has a portfolio of products that addresses medical conditions and significant 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.