Leerink Partnrs Research Analysts Decrease Earnings Estimates for Penumbra, Inc. (NYSE:PEN)

Penumbra, Inc. (NYSE:PEN) – Investment analysts at Leerink Partnrs dropped their Q3 2024 earnings per share (EPS) estimates for shares of Penumbra in a report issued on Tuesday, October 15th. Leerink Partnrs analyst M. Kratky now expects that the company will post earnings of $0.62 per share for the quarter, down from their prior forecast of $0.67. Leerink Partnrs currently has a “Strong-Buy” rating on the stock. The consensus estimate for Penumbra’s current full-year earnings is $2.59 per share. Leerink Partnrs also issued estimates for Penumbra’s Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $2.49 EPS, Q1 2025 earnings at $0.72 EPS, Q2 2025 earnings at $0.97 EPS, Q3 2025 earnings at $1.01 EPS, Q4 2025 earnings at $1.20 EPS, FY2025 earnings at $3.90 EPS, FY2026 earnings at $5.40 EPS, FY2027 earnings at $6.60 EPS and FY2028 earnings at $7.51 EPS.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. During the same period in the previous year, the business earned $0.43 EPS. The firm’s revenue was up 14.5% compared to the same quarter last year.

PEN has been the subject of a number of other reports. Citigroup boosted their target price on Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Royal Bank of Canada boosted their target price on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Piper Sandler decreased their target price on Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Stifel Nicolaus assumed coverage on Penumbra in a research report on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Finally, Robert W. Baird decreased their target price on Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $218.08.

Penumbra Stock Performance

Shares of Penumbra stock opened at $205.43 on Thursday. Penumbra has a one year low of $148.00 and a one year high of $277.34. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 86.68, a PEG ratio of 2.25 and a beta of 0.54. The business has a 50-day simple moving average of $195.09 and a 200 day simple moving average of $194.38. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77.

Penumbra declared that its board has approved a stock repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the transaction, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the transaction, the executive vice president now directly owns 61,088 shares of the company’s stock, valued at $12,597,567.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Adam Elsesser sold 1,620 shares of the company’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 value of $324,000.00. Following the completion of the transaction, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,368 shares of company stock valued at $3,824,718 over the last three months. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Penumbra by 0.9% in the first quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after purchasing an additional 32,557 shares during the last quarter. Champlain Investment Partners LLC lifted its stake in Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock valued at $242,060,000 after purchasing an additional 616,700 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Penumbra by 12.2% in the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after purchasing an additional 90,444 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Penumbra by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company’s stock valued at $58,906,000 after purchasing an additional 4,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Penumbra by 96.7% in the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after purchasing an additional 126,392 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

About Penumbra

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.