Penumbra, Inc. (PEN) Upgraded at Zacks Investment Research

Penumbra, Inc. (NYSE:PEN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. Canaccord Genuity reaffirmed a “buy” rating and issued a $100.00 price target (up from $94.00) on shares of Penumbra in a research note on Wednesday, August 9th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $96.00 price target on shares of Penumbra in a research note on Friday, June 16th.

Penumbra (NYSE:PEN) opened at 91.55 on Wednesday. The company has a 50-day moving average price of $88.64 and a 200-day moving average price of $85.80. The firm has a market cap of $3.09 billion, a PE ratio of 618.58 and a beta of 0.09. Penumbra has a one year low of $56.05 and a one year high of $94.65.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.05). Penumbra had a negative net margin of 2.78% and a negative return on equity of 2.58%. The business had revenue of $80.60 million for the quarter, compared to the consensus estimate of $77.16 million. During the same period in the prior year, the business posted $0.01 earnings per share. Penumbra’s revenue for the quarter was up 23.8% compared to the same quarter last year. Equities analysts predict that Penumbra will post ($0.21) earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Penumbra, Inc. (PEN) Upgraded at Zacks Investment Research” was first reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another website, it was stolen and reposted in violation of U.S. & international copyright and trademark law. The correct version of this piece can be read at https://ledgergazette.com/2017/10/11/penumbra-inc-pen-upgraded-at-zacks-investment-research.html.

In other news, Director Harpreet Grewal sold 500 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $92.90, for a total value of $46,450.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel Donen Davis sold 32,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.42, for a total transaction of $2,541,440.00. The disclosure for this sale can be found here. Insiders sold 79,243 shares of company stock worth $6,712,509 over the last ninety days. 13.50% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC boosted its holdings in Penumbra by 5.1% in the second quarter. Lord Abbett & CO. LLC now owns 1,093,621 shares of the company’s stock worth $95,965,000 after purchasing an additional 53,109 shares in the last quarter. Verition Fund Management LLC bought a new stake in Penumbra in the second quarter worth $213,000. Ameritas Investment Partners Inc. boosted its holdings in Penumbra by 10.8% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the company’s stock worth $226,000 after purchasing an additional 250 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Penumbra by 14.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,544 shares of the company’s stock worth $1,979,000 after purchasing an additional 2,897 shares in the last quarter. Finally, State Street Corp boosted its holdings in Penumbra by 13.2% in the second quarter. State Street Corp now owns 579,911 shares of the company’s stock worth $50,887,000 after purchasing an additional 67,441 shares in the last quarter. Hedge funds and other institutional investors own 70.93% of the company’s stock.

About Penumbra

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. “

Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. Canaccord Genuity reaffirmed a “buy” rating and issued a $100.00 price target (up from $94.00) on shares of Penumbra in a research note on Wednesday, August 9th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $96.00 price target on shares of Penumbra in a research note on Friday, June 16th.

Penumbra (NYSE:PEN) opened at 91.55 on Wednesday. The company has a 50-day moving average price of $88.64 and a 200-day moving average price of $85.80. The firm has a market cap of $3.09 billion, a PE ratio of 618.58 and a beta of 0.09. Penumbra has a one year low of $56.05 and a one year high of $94.65.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.05). Penumbra had a negative net margin of 2.78% and a negative return on equity of 2.58%. The business had revenue of $80.60 million for the quarter, compared to the consensus estimate of $77.16 million. During the same period in the prior year, the business posted $0.01 earnings per share. Penumbra’s revenue for the quarter was up 23.8% compared to the same quarter last year. Equities analysts predict that Penumbra will post ($0.21) earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Penumbra, Inc. (PEN) Upgraded at Zacks Investment Research” was first reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another website, it was stolen and reposted in violation of U.S. & international copyright and trademark law. The correct version of this piece can be read at https://ledgergazette.com/2017/10/11/penumbra-inc-pen-upgraded-at-zacks-investment-research.html.

In other news, Director Harpreet Grewal sold 500 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $92.90, for a total value of $46,450.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel Donen Davis sold 32,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.42, for a total transaction of $2,541,440.00. The disclosure for this sale can be found here. Insiders sold 79,243 shares of company stock worth $6,712,509 over the last ninety days. 13.50% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC boosted its holdings in Penumbra by 5.1% in the second quarter. Lord Abbett & CO. LLC now owns 1,093,621 shares of the company’s stock worth $95,965,000 after purchasing an additional 53,109 shares in the last quarter. Verition Fund Management LLC bought a new stake in Penumbra in the second quarter worth $213,000. Ameritas Investment Partners Inc. boosted its holdings in Penumbra by 10.8% in the second quarter. Ameritas Investment Partners Inc. now owns 2,573 shares of the company’s stock worth $226,000 after purchasing an additional 250 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Penumbra by 14.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,544 shares of the company’s stock worth $1,979,000 after purchasing an additional 2,897 shares in the last quarter. Finally, State Street Corp boosted its holdings in Penumbra by 13.2% in the second quarter. State Street Corp now owns 579,911 shares of the company’s stock worth $50,887,000 after purchasing an additional 67,441 shares in the last quarter. Hedge funds and other institutional investors own 70.93% of the company’s stock.

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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