Penumbra (NYSE:PEN) Releases Earnings Results, Misses Estimates By $0.27 EPS

Penumbra (NYSE:PEN) posted its quarterly earnings results on Thursday. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.27), FiscalAI reports. Penumbra had a net margin of 11.76% and a return on equity of 10.87%. The business had revenue of $390.05 million during the quarter, compared to analyst estimates of $389.64 million. During the same period last year, the firm posted $0.86 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis.

Penumbra Stock Performance

Penumbra stock traded down $0.04 during midday trading on Thursday, reaching $320.09. 357,942 shares of the stock traded hands, compared to its average volume of 376,100. Penumbra has a fifty-two week low of $221.26 and a fifty-two week high of $362.41. The company has a current ratio of 6.02, a quick ratio of 3.95 and a debt-to-equity ratio of 0.01. The firm has a market cap of $12.59 billion, a price-to-earnings ratio of 83.58, a PEG ratio of 1.98 and a beta of 0.70. The firm has a fifty day moving average price of $318.89 and a two-hundred day moving average price of $330.09.

Institutional Investors Weigh In On Penumbra

A number of hedge funds have recently made changes to their positions in PEN. Royal Bank of Canada increased its position in Penumbra by 35.8% in the 1st quarter. Royal Bank of Canada now owns 19,332 shares of the company’s stock valued at $5,169,000 after acquiring an additional 5,092 shares during the period. EverSource Wealth Advisors LLC raised its stake in Penumbra by 209.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company’s stock valued at $70,000 after acquiring an additional 184 shares in the last quarter. Cerity Partners LLC boosted its position in Penumbra by 22.3% during the 2nd quarter. Cerity Partners LLC now owns 10,030 shares of the company’s stock worth $2,574,000 after acquiring an additional 1,829 shares during the period. California Public Employees Retirement System boosted its position in Penumbra by 7.9% during the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company’s stock worth $15,661,000 after acquiring an additional 4,491 shares during the period. Finally, Daiwa Securities Group Inc. bought a new position in shares of Penumbra in the second quarter worth $1,137,000. Institutional investors own 88.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PEN shares. Evercore reissued an “outperform” rating and issued a $320.00 target price on shares of Penumbra in a report on Monday, July 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $374.00 target price on shares of Penumbra in a report on Thursday, June 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Penumbra in a research report on Friday, July 17th. Citigroup cut their price target on Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded Penumbra to a “hold” rating in a research note on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $360.33.

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.