Penumbra (NYSE:PEN) Issues Earnings Results

Penumbra (NYSE:PEN) issued its quarterly earnings results on Wednesday. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16, Briefing.com reports. Penumbra had a return on equity of 8.85% and a net margin of 2.97%. The company had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. During the same period in the previous year, the business posted $0.67 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Penumbra updated its FY 2024 guidance to EPS.

Penumbra Price Performance

Shares of PEN traded up $4.43 during trading hours on Friday, hitting $233.30. The stock had a trading volume of 525,994 shares, compared to its average volume of 384,357. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 271.37, a P/E/G ratio of 2.42 and a beta of 0.54. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The company’s fifty day moving average is $200.81 and its two-hundred day moving average is $193.96. Penumbra has a 52 week low of $148.00 and a 52 week high of $277.34.

Penumbra announced that its Board of Directors has approved a stock buyback plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Thursday. Morgan Stanley decreased their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Robert W. Baird upped their price target on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Truist Financial lifted their price objective on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $226.67.

Insiders Place Their Bets

In other news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at $1,659,648.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now directly owns 8,697 shares of the company’s stock, valued at $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares in the company, valued at approximately $185,192,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,368 shares of company stock valued at $6,893,118. 5.00% of the stock is currently owned by insiders.

About Penumbra

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.