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

Penumbra (NYSE:PEN) announced its quarterly earnings results on Wednesday. The company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.06, FiscalAI reports. The company had revenue of $385.39 million for the quarter, compared to the consensus estimate of $367.18 million. Penumbra had a net margin of 12.30% and a return on equity of 11.35%.

Penumbra Trading Down 0.0%

PEN traded down $0.15 during trading on Wednesday, reaching $339.44. The company had a trading volume of 236,053 shares, compared to its average volume of 1,271,800. The company has a quick ratio of 4.18, a current ratio of 6.73 and a debt-to-equity ratio of 0.02. The business has a 50 day simple moving average of $333.93 and a 200-day simple moving average of $290.42. The stock has a market cap of $13.29 billion, a P/E ratio of 81.21, a PEG ratio of 2.09 and a beta of 0.82. Penumbra has a 52 week low of $221.26 and a 52 week high of $362.41.

Insider Activity

In other news, 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 sale, the executive vice president owned 63,836 shares of the company’s stock, valued at approximately $19,159,098.68. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harpreet Grewal sold 186 shares of the firm’s stock in a transaction dated 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 owned 8,230 shares of the company’s stock, valued at $2,573,027.20. This trade represents a 2.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 16,372 shares of company stock worth $5,044,546. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Man Group plc increased its position in Penumbra by 1,862.2% during the 2nd quarter. Man Group plc now owns 206,461 shares of the company’s stock valued at $52,984,000 after purchasing an additional 195,939 shares during the period. AQR Capital Management LLC boosted its stake in shares of Penumbra by 139.4% during the second quarter. AQR Capital Management LLC now owns 330,990 shares of the company’s stock valued at $84,939,000 after purchasing an additional 192,734 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Penumbra during the third quarter valued at approximately $43,476,000. Jain Global LLC raised its stake in Penumbra by 462.3% in the fourth quarter. Jain Global LLC now owns 183,024 shares of the company’s stock worth $56,904,000 after buying an additional 150,477 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in Penumbra in the fourth quarter worth approximately $35,314,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Analyst Ratings Changes

PEN has been the topic of several research reports. Citigroup cut Penumbra from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $350.00 to $374.00 in a report on Thursday, January 15th. Needham & Company LLC cut Penumbra from a “buy” rating to a “hold” rating in a report on Friday, January 16th. BTIG Research cut Penumbra from a “buy” rating to a “neutral” rating and set a $349.00 price objective on the stock. in a report on Thursday, January 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Penumbra in a research report on Monday, December 29th. Finally, Evercore restated an “outperform” rating and issued a $340.00 price target on shares of Penumbra in a research report on Monday, January 5th. Four investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Penumbra currently has a consensus rating of “Hold” and an average target price of $358.00.

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.