Penumbra (NYSE:PEN) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Penumbra (NYSE:PEN) released its quarterly earnings data on Wednesday. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.16, Briefing.com reports. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.85%. Penumbra’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 EPS. Penumbra updated its FY 2024 guidance to EPS.

Penumbra Stock Up 1.5 %

Shares of PEN stock traded up $3.52 during midday trading on Friday, reaching $232.39. 38,992 shares of the stock were exchanged, compared to its average volume of 382,020. The firm has a market cap of $9.03 billion, a PE ratio of 266.28, a price-to-earnings-growth ratio of 2.42 and a beta of 0.54. The company’s 50 day moving average is $200.35 and its two-hundred day moving average is $193.80. Penumbra has a 1 year low of $148.00 and a 1 year high of $277.34. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02.

Penumbra announced that its board has authorized a stock buyback plan on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

PEN has been the subject of several recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Thursday. Piper Sandler lifted their target price on shares of Penumbra from $225.00 to $235.00 and gave the stock an “overweight” rating in a research report on Thursday. Canaccord Genuity Group upped their price target on shares of Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Truist Financial increased their target price on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Morgan Stanley decreased their price target on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Penumbra currently has an average rating of “Moderate Buy” and an average target price of $226.67.

Insider Buying and Selling at Penumbra

In other news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total value of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at $185,192,400. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at $185,192,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,368 shares of company stock valued at $6,893,118. 5.00% of the stock is currently owned by company insiders.

Penumbra Company Profile

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.