Penumbra (NYSE:PEN) Reaches New 12-Month High After Strong Earnings

Penumbra, Inc. (NYSE:PEN) shares reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $304.74 and last traded at $297.34, with a volume of 215945 shares changing hands. The stock had previously closed at $271.14.

The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $315.52 million during the quarter, compared to analysts’ expectations of $311.63 million.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Truist Financial boosted their price target on shares of Penumbra from $240.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Robert W. Baird upped their target price on Penumbra from $305.00 to $328.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler restated an “overweight” rating and set a $330.00 price target (up from $250.00) on shares of Penumbra in a research report on Wednesday. Wells Fargo & Company increased their price objective on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a report on Wednesday. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $279.57.

Insider Activity

In related news, Director Harpreet Grewal sold 167 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the completion of the sale, the director now directly owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $242.96, for a total value of $3,644,400.00. Following the completion of the transaction, the chief executive officer now directly owns 837,582 shares in the company, valued at $203,498,922.72. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,219 shares of company stock worth $4,426,439 over the last quarter. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. acquired a new position in shares of Penumbra during the fourth quarter worth $573,000. State Street Corp grew its stake in shares of Penumbra by 0.3% during the third quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after acquiring an additional 3,863 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Penumbra by 3,832.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after purchasing an additional 358,932 shares in the last quarter. E. Ohman J or Asset Management AB grew its stake in Penumbra by 10.4% during the 4th quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock valued at $5,061,000 after purchasing an additional 2,000 shares during the last quarter. Finally, AlphaCentric Advisors LLC purchased a new position in shares of Penumbra in the third quarter worth about $777,000. 88.88% of the stock is currently owned by institutional investors.

Penumbra Price Performance

The stock has a fifty day moving average of $256.15 and a 200 day moving average of $225.97. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The stock has a market cap of $11.49 billion, a price-to-earnings ratio of 348.40, a P/E/G ratio of 1.97 and a beta of 0.53.

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.