Penumbra (NYSE:PEN) Reaches New 1-Year High on Strong Earnings

Posted by on May 4th, 2023

Penumbra, Inc. (NYSE:PEN – Get Rating) shares hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $299.71 and last traded at $293.21, with a volume of 201441 shares trading hands. The stock had previously closed at $281.33.

The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.12. The company had revenue of $241.40 million during the quarter, compared to the consensus estimate of $229.70 million. Penumbra had a negative net margin of 0.24% and a positive return on equity of 0.66%. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) EPS.

Analyst Ratings Changes

Several brokerages have issued reports on PEN. Truist Financial upped their price target on shares of Penumbra from $255.00 to $284.00 in a research report on Tuesday, January 31st. Wells Fargo & Company increased their price objective on shares of Penumbra from $291.00 to $320.00 in a research report on Wednesday. BTIG Research increased their price objective on shares of Penumbra from $301.00 to $312.00 in a research report on Wednesday. TheStreet upgraded shares of Penumbra from a “d+” rating to a “c-” rating in a research report on Friday, January 13th. Finally, Citigroup increased their price objective on shares of Penumbra from $303.00 to $325.00 and gave the stock a “buy” rating in a research report on Monday, April 3rd. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $287.92.

Insider Buying and Selling

In related news, Director Harpreet Grewal sold 710 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $259.48, for a total value of $184,230.80. Following the completion of the transaction, the director now directly owns 11,410 shares in the company, valued at approximately $2,960,666.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Harpreet Grewal sold 710 shares of the firm’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $259.48, for a total value of $184,230.80. Following the transaction, the director now directly owns 11,410 shares in the company, valued at approximately $2,960,666.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Arani Bose sold 5,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $275.59, for a total transaction of $1,377,950.00. Following the sale, the director now directly owns 431,342 shares of the company’s stock, valued at approximately $118,873,541.78. The disclosure for this sale can be found here. Insiders sold a total of 13,660 shares of company stock worth $3,773,819 in the last three months. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penumbra

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Penumbra by 13.1% during the third quarter. BlackRock Inc. now owns 3,904,657 shares of the company’s stock valued at $740,322,000 after acquiring an additional 453,057 shares during the last quarter. Vanguard Group Inc. lifted its stake in Penumbra by 2.0% in the third quarter. Vanguard Group Inc. now owns 3,407,434 shares of the company’s stock worth $646,050,000 after acquiring an additional 68,266 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Penumbra by 8.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,231,129 shares of the company’s stock valued at $153,300,000 after buying an additional 90,749 shares during the last quarter. William Blair Investment Management LLC lifted its position in shares of Penumbra by 13.4% during the fourth quarter. William Blair Investment Management LLC now owns 1,188,970 shares of the company’s stock valued at $264,498,000 after buying an additional 140,457 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of Penumbra by 0.5% during the fourth quarter. Clearbridge Investments LLC now owns 1,029,181 shares of the company’s stock valued at $228,952,000 after buying an additional 5,400 shares during the last quarter. Hedge funds and other institutional investors own 82.42% of the company’s stock.

Penumbra Trading Up 7.0 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 5.21 and a quick ratio of 2.91. The stock has a market cap of $11.51 billion, a price-to-earnings ratio of -4,993.00 and a beta of 0.54. The company’s fifty day moving average price is $271.05 and its 200-day moving average price is $236.35.

Penumbra Company Profile

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Penumbra, Inc engages in the design, development, manufacture, and marketing of innovative medical devices. It offers neurovascular thrombectomy and embolization and access technologies, neurosurgical tools, Penumbra LANTERN Delivery Microcatheter, and Penumbra Occlusion Device (POD) system. The company was founded by Arani Bose and Adam Elsesser on June 21, 2004, and is headquartered in Alameda, CA.

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