Penumbra (NYSE:PEN) Announces Quarterly Earnings Results

by · The Markets Daily

Penumbra (NYSE:PEN – Get Free Report) issued its 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 net margin of 1.26% and a return on equity of 8.39%. The company had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period in the previous year, the firm earned $0.67 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Penumbra updated its FY 2024 guidance to EPS.

Penumbra Trading Up 8.1 %

PEN traded up $17.05 during trading on Thursday, hitting $228.34. The company’s stock had a trading volume of 613,795 shares, compared to its average volume of 382,078. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.34. The stock has a market cap of $8.87 billion, a PE ratio of 667.82, a PEG ratio of 2.34 and a beta of 0.54. The firm’s 50 day moving average price is $199.72 and its 200-day moving average price is $193.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77.

Insider Activity

In related news, Director Harpreet Grewal sold 166 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Penumbra news, Director Harpreet Grewal sold 166 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now owns 8,697 shares of the company’s stock, valued at $1,659,648.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Monday, October 21st. The shares were sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the completion of the transaction, the chief executive officer now owns 867,582 shares in the company, valued at approximately $177,472,573.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,368 shares of company stock valued at $6,893,118 over the last quarter. Company insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

PEN has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their target price on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Truist Financial raised their price objective on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Thursday. Royal Bank of Canada raised their price target on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Finally, Leerink Partners started coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $226.67.

Read Our Latest Stock Analysis on Penumbra

Penumbra declared that its Board of Directors has authorized a stock buyback plan on Tuesday, August 13th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to repurchase 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 stock is undervalued.

Penumbra Company Profile

(Get Free Report)

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.

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