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

Penumbra (NYSE:PEN) released its quarterly earnings results on Wednesday. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.21), FiscalAI reports. The business had revenue of $374.76 million for the quarter, compared to analysts’ expectations of $371.27 million. Penumbra had a net margin of 12.66% and a return on equity of 11.41%. Penumbra’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 EPS.

Penumbra Trading Up 0.2%

Penumbra stock opened at $324.35 on Thursday. The stock has a market cap of $12.76 billion, a P/E ratio of 71.76, a PEG ratio of 1.98 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.64 and a quick ratio of 4.29. Penumbra has a 1 year low of $221.26 and a 1 year high of $362.41. The firm’s 50 day moving average price is $333.52 and its 200-day moving average price is $315.50.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PEN shares. Needham & Company LLC downgraded Penumbra from a “buy” rating to a “hold” rating in a research note on Friday, January 16th. BTIG Research downgraded Penumbra from a “buy” rating to a “neutral” rating and set a $349.00 price objective for the company. in a research note on Thursday, January 15th. Wells Fargo & Company reiterated an “equal weight” rating and set a $374.00 price objective on shares of Penumbra in a research note on Thursday, January 15th. Robert W. Baird reiterated a “neutral” rating and set a $374.00 price objective (up from $345.00) on shares of Penumbra in a research note on Friday, January 16th. Finally, Evercore reiterated an “outperform” rating and set a $360.00 price objective on shares of Penumbra in a research note on Wednesday, February 25th. Three research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Penumbra currently has a consensus rating of “Hold” and a consensus target price of $364.60.

Insider Buying and Selling

In other news, CFO Maggie Yuen sold 2,432 shares of the 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 transaction, the chief financial officer directly owned 18,353 shares in the company, valued at approximately $6,282,231.90. This represents a 11.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harpreet Grewal sold 100 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were 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 of the company’s stock, valued at $2,861,750.18. This represents a 1.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in Penumbra by 35.8% during the 1st quarter. Royal Bank of Canada now owns 19,332 shares of the company’s stock valued at $5,169,000 after buying an additional 5,092 shares during the period. EverSource Wealth Advisors LLC raised its holdings 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 buying an additional 184 shares during the period. Cerity Partners LLC raised its holdings in Penumbra by 22.3% during the 2nd quarter. Cerity Partners LLC now owns 10,030 shares of the company’s stock valued at $2,574,000 after buying an additional 1,829 shares during the period. California Public Employees Retirement System raised its holdings in Penumbra by 7.9% during the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company’s stock valued at $15,661,000 after buying an additional 4,491 shares during the period. Finally, Daiwa Securities Group Inc. purchased a new stake in Penumbra during the 2nd quarter valued at $1,137,000. 88.88% of the stock is currently owned by 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.