Penumbra (NYSE:PEN) Rating Lowered to Hold at Zacks Investment Research

Penumbra (NYSE:PEN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

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 firms 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 on the stock. JPMorgan Chase & Co. upgraded shares of Penumbra from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a report on Thursday, May 30th. ValuEngine upgraded shares of Penumbra from a “hold” rating to a “buy” rating in a report on Friday, June 7th. Bank of America increased their target price on shares of Penumbra from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, HC Wainwright reiterated a “buy” rating on shares of Penumbra in a report on Wednesday, April 17th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $167.14.

PEN opened at $162.12 on Thursday. The stock has a fifty day moving average price of $168.94. The company has a current ratio of 6.10, a quick ratio of 4.34 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $5.63 billion, a price-to-earnings ratio of 317.88, a PEG ratio of 8.93 and a beta of 0.65. Penumbra has a twelve month low of $110.84 and a twelve month high of $185.70.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, May 7th. The company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.10. The company had revenue of $128.44 million for 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%. The business’s revenue for the quarter was up 25.1% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share. Research analysts forecast that Penumbra will post 0.87 earnings per share for the current fiscal year.

In related news, CFO Sridhar Kosaraju sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $169.36, for a total transaction of $846,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bridget O’rourke sold 175 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $160.67, for a total transaction of $28,117.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,412 shares of company stock worth $6,127,198. 9.60% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of PEN. Swiss National Bank raised its position in shares of Penumbra by 2.5% in the 2nd quarter. Swiss National Bank now owns 58,000 shares of the company’s stock valued at $9,280,000 after buying an additional 1,400 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Penumbra by 11.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,419 shares of the company’s stock worth $387,000 after purchasing an additional 250 shares in the last quarter. Stephens Investment Management Group LLC increased its position in Penumbra by 0.7% during the 2nd quarter. Stephens Investment Management Group LLC now owns 298,501 shares of the company’s stock worth $47,760,000 after purchasing an additional 1,947 shares in the last quarter. Ardevora Asset Management LLP acquired a new position in Penumbra during the 2nd quarter worth approximately $36,096,000. Finally, TD Asset Management Inc. increased its position in Penumbra by 7.3% during the 2nd quarter. TD Asset Management Inc. now owns 23,547 shares of the company’s stock worth $3,768,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 90.22% of the company’s stock.

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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