Penumbra (NYSE:PEN) Sets New 1-Year High Following Strong Earnings

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

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

Analysts Set New Price Targets

A number of research firms have commented on PEN. Oppenheimer began coverage on Penumbra in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup increased their target price on shares of Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Piper Sandler reissued an “overweight” rating and issued a $330.00 price target (up from $250.00) on shares of Penumbra in a research note on Wednesday. Finally, Canaccord Genuity Group increased their price objective on shares of Penumbra from $260.00 to $323.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $279.57.

Insider Buying and Selling at Penumbra

In other news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction dated Friday, January 3rd. The shares were 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 in the company, valued at $2,058,118.40. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total value of $146,694.00. Following the transaction, the executive vice president now owns 63,444 shares in the company, valued at $15,511,423.56. This trade represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,219 shares of company stock valued at $4,426,439. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new stake in shares of Penumbra in the 3rd quarter worth approximately $26,000. UMB Bank n.a. raised its holdings in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after purchasing an additional 70 shares in the last quarter. Hurley Capital LLC acquired a new stake in Penumbra in the fourth quarter worth approximately $56,000. Huntington National Bank boosted its stake in Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after purchasing an additional 154 shares in the last quarter. Finally, Mather Group LLC. increased its position in shares of Penumbra by 208.0% during the 4th quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after purchasing an additional 208 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Stock Up 10.4 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The company has a market cap of $11.49 billion, a P/E ratio of 348.40, a P/E/G ratio of 1.97 and a beta of 0.53. The stock has a 50 day moving average price of $256.15 and a 200 day moving average price of $225.97.

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.