Penumbra (NYSE:PEN) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Penumbra (NYSE:PEN) announced its earnings results on Tuesday. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.12 by $0.06, FiscalAI reports. The business had revenue of $385.39 million for the quarter, compared to the consensus estimate of $367.18 million. Penumbra had a return on equity of 11.41% and a net margin of 12.66%.The company’s revenue was up 22.2% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS.

Penumbra Stock Down 0.6%

Penumbra stock opened at $340.10 on Wednesday. The company’s 50-day moving average price is $336.55 and its two-hundred day moving average price is $293.62. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 75.24, a PEG ratio of 2.10 and a beta of 0.81. Penumbra has a 52 week low of $221.26 and a 52 week high of $362.41. The company has a current ratio of 6.64, a quick ratio of 4.29 and a debt-to-equity ratio of 0.01.

Analyst Upgrades and Downgrades

PEN has been the subject of several research analyst reports. Leerink Partners downgraded shares of Penumbra from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Wells Fargo & Company restated an “equal weight” rating and set a $374.00 price objective on shares of Penumbra in a research note on Thursday, January 15th. Evercore reiterated an “outperform” rating and issued a $360.00 price target on shares of Penumbra in a report on Wednesday, February 25th. Wall Street Zen cut Penumbra from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, Piper Sandler downgraded shares of Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 price objective for the company. in a report on Thursday, January 15th. Four research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $361.69.

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 186 shares of the company’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $312.64, for a total transaction of $58,151.04. Following the completion of the sale, the director directly owned 8,230 shares of the company’s stock, valued at $2,573,027.20. This represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Johanna Roberts sold 300 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $300.13, for a total value of $90,039.00. Following the completion of the transaction, the executive vice president owned 63,836 shares of the company’s stock, valued at $19,159,098.68. This trade represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,672 shares of company stock worth $4,838,284 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

Hedge funds have recently bought and sold shares of the company. UMB Bank n.a. boosted its holdings in shares of Penumbra by 11.3% in the fourth quarter. UMB Bank n.a. now owns 442 shares of the company’s stock worth $137,000 after buying an additional 45 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Penumbra by 2,700.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 84 shares of the company’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Orion Porfolio Solutions LLC boosted its stake in Penumbra by 7.3% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 1,201 shares of the company’s stock worth $304,000 after purchasing an additional 82 shares during the period. Motiv8 Investments LLC purchased a new position in Penumbra during the 4th quarter worth approximately $27,000. Finally, Corient Private Wealth LLC grew its position in Penumbra by 4.1% during the 2nd quarter. Corient Private Wealth LLC now owns 2,335 shares of the company’s stock worth $599,000 after purchasing an additional 92 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.