Penumbra (NYSE:PEN) Releases Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Penumbra (NYSE:PEN) issued its quarterly earnings results on Wednesday. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.21), FiscalAI reports. The business had revenue of $374.76 million for the quarter, compared to analyst estimates of $371.27 million. Penumbra had a return on equity of 11.41% and a net margin of 12.66%.

Penumbra Stock Up 0.2%

PEN traded up $0.49 during trading hours on Wednesday, hitting $324.35. 341,413 shares of the company’s stock were exchanged, compared to its average volume of 889,548. Penumbra has a 1-year low of $221.26 and a 1-year high of $362.41. The stock’s 50-day moving average is $333.52 and its two-hundred day moving average is $315.50. The stock has a market cap of $12.76 billion, a price-to-earnings ratio of 71.76, a PEG ratio of 1.99 and a beta of 0.74. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PEN. Evercore restated an “outperform” rating and set a $360.00 price objective on shares of Penumbra in a report on Wednesday, February 25th. Wall Street Zen lowered shares of Penumbra from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Leerink Partners lowered shares of Penumbra from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Canaccord Genuity Group lowered shares of Penumbra from a “buy” rating to a “hold” rating and lifted their price target for the company from $359.00 to $374.00 in a research note on Tuesday, January 20th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $374.00 price target on shares of Penumbra in a research note on Thursday, January 15th. Three equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $364.60.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Harpreet Grewal sold 100 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $328.22, for a total transaction of $32,822.00. Following the sale, the director directly owned 8,719 shares of the company’s stock, valued at approximately $2,861,750.18. This represents a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Maggie Yuen sold 2,432 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the sale, the chief financial officer directly owned 18,353 shares in the company, valued at $6,282,231.90. This trade represents a 11.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in shares of Penumbra by 1.1% in the fourth quarter. Invesco Ltd. now owns 638,305 shares of the company’s stock valued at $198,455,000 after purchasing an additional 7,211 shares during the period. Janus Henderson Group PLC raised its position in shares of Penumbra by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 475,898 shares of the company’s stock valued at $147,962,000 after purchasing an additional 7,050 shares during the period. AQR Capital Management LLC raised its position in shares of Penumbra by 139.4% in 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 during the period. Dimensional Fund Advisors LP raised its position in shares of Penumbra by 9.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 324,789 shares of the company’s stock valued at $100,986,000 after purchasing an additional 28,205 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Penumbra by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 307,500 shares of the company’s stock valued at $95,605,000 after purchasing an additional 4,126 shares during the period. 88.88% of the stock is owned by 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.