Penumbra (NYSE:PEN) Releases Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Penumbra (NYSE:PEN) posted its quarterly earnings data on Wednesday. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.21), FiscalAI reports. The company had revenue of $374.76 million during the quarter, compared to the consensus estimate of $371.27 million. Penumbra had a net margin of 12.66% and a return on equity of 11.41%.

Penumbra Trading Up 0.2%

Shares of PEN stock traded up $0.49 on Wednesday, reaching $324.35. 341,413 shares of the company’s stock were exchanged, compared to its average volume of 889,548. Penumbra has a 52 week low of $221.26 and a 52 week high of $362.41. The company has a current ratio of 6.64, a quick ratio of 4.29 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $12.76 billion, a PE ratio of 71.76, a P/E/G ratio of 1.99 and a beta of 0.74. The company’s fifty day simple moving average is $333.82 and its 200 day simple moving average is $315.01.

Analyst Upgrades and Downgrades

PEN has been the subject of several analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $374.00 price objective on shares of Penumbra in a research note on Thursday, January 15th. Needham & Company LLC lowered Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, January 16th. Canaccord Genuity Group lowered Penumbra from a “buy” rating to a “hold” rating and raised their price objective for the company from $359.00 to $374.00 in a research note on Tuesday, January 20th. Leerink Partners lowered Penumbra from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $374.00 price objective on shares of Penumbra in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat, Penumbra has a consensus rating of “Hold” and an average target price of $364.60.

Insider Buying and Selling

In related news, CFO Maggie Yuen sold 2,432 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the completion of the sale, the chief financial officer directly owned 18,353 shares of the company’s stock, valued at approximately $6,282,231.90. This trade represents a 11.70% 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, Director Harpreet Grewal sold 100 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total value of $32,822.00. Following the transaction, the director owned 8,719 shares in the company, valued at $2,861,750.18. The trade was a 1.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PEN. Man Group plc increased its holdings in Penumbra by 1,862.2% during the 2nd quarter. Man Group plc now owns 206,461 shares of the company’s stock worth $52,984,000 after purchasing an additional 195,939 shares during the period. AQR Capital Management LLC increased its holdings in Penumbra by 139.4% during the 2nd quarter. AQR Capital Management LLC now owns 330,990 shares of the company’s stock worth $84,939,000 after purchasing an additional 192,734 shares during the period. Balyasny Asset Management L.P. purchased a new position in Penumbra during the 3rd quarter worth $43,476,000. Jain Global LLC increased its holdings in Penumbra by 462.3% during the 4th quarter. Jain Global LLC now owns 183,024 shares of the company’s stock worth $56,904,000 after purchasing an additional 150,477 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Penumbra during the 4th quarter worth $35,314,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

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.