Penumbra (NYSE:PEN) Shares Gap Up After Strong Earnings

Penumbra, Inc. (NYSE:PEN)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $227.15, but opened at $247.00. Penumbra shares last traded at $256.30, with a volume of 346,328 shares traded.

The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. The business had revenue of $339.46 million for the quarter, compared to analyst estimates of $327.37 million. Penumbra had a return on equity of 11.89% and a net margin of 11.54%. Penumbra’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PEN shares. William Blair raised Penumbra to a “strong-buy” rating in a research note on Friday, July 18th. BTIG Research reissued a “buy” rating on shares of Penumbra in a research note on Thursday, April 24th. Royal Bank Of Canada reduced their price objective on Penumbra from $330.00 to $325.00 and set an “outperform” rating on the stock in a research note on Wednesday. Truist Financial boosted their price objective on Penumbra from $300.00 to $310.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Wall Street Zen raised Penumbra from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 14th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $300.07.

Insider Activity at Penumbra

In related news, Director Bridget O’rourke sold 100 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $286.15, for a total value of $28,615.00. Following the completion of the sale, the director owned 5,423 shares in the company, valued at approximately $1,551,791.45. This represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $252.70, for a total value of $151,620.00. Following the completion of the sale, the executive vice president owned 66,057 shares of the company’s stock, valued at $16,692,603.90. This represents a 0.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 117,735 shares of company stock worth $31,074,530. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PEN. LPL Financial LLC increased its holdings in Penumbra by 4.0% in the fourth quarter. LPL Financial LLC now owns 9,486 shares of the company’s stock valued at $2,253,000 after purchasing an additional 368 shares during the last quarter. Norges Bank bought a new stake in shares of Penumbra in the fourth quarter worth about $54,396,000. Pictet Asset Management Holding SA increased its holdings in shares of Penumbra by 9.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 5,736 shares of the company’s stock worth $1,362,000 after acquiring an additional 508 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of Penumbra by 37.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,313 shares of the company’s stock worth $312,000 after acquiring an additional 359 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Penumbra by 2.9% in the fourth quarter. Alliancebernstein L.P. now owns 200,175 shares of the company’s stock worth $47,538,000 after acquiring an additional 5,569 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Up 11.9%

The firm has a fifty day simple moving average of $250.23 and a 200-day simple moving average of $267.25. The company has a market capitalization of $9.84 billion, a P/E ratio of 67.60, a P/E/G ratio of 2.02 and a beta of 0.47. The company has a quick ratio of 3.68, a current ratio of 6.30 and a debt-to-equity ratio of 0.02.

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.