FY2024 EPS Estimates for Penumbra Lifted by Leerink Partnrs

Penumbra, Inc. (NYSE:PEN) – Stock analysts at Leerink Partnrs raised their FY2024 earnings estimates for shares of Penumbra in a research note issued on Monday, November 25th. Leerink Partnrs analyst M. Kratky now expects that the company will earn $2.78 per share for the year, up from their prior estimate of $2.64. Leerink Partnrs has a “Strong-Buy” rating on the stock. The consensus estimate for Penumbra’s current full-year earnings is $2.79 per share. Leerink Partnrs also issued estimates for Penumbra’s FY2025 earnings at $4.10 EPS, FY2026 earnings at $5.56 EPS, FY2027 earnings at $6.79 EPS and FY2028 earnings at $7.74 EPS.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.67 EPS.

A number of other analysts also recently issued reports on PEN. Leerink Partners initiated coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 target price for the company. Canaccord Genuity Group increased their target price on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Piper Sandler increased their target price on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. BTIG Research increased their target price on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada increased their target price on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $230.92.

Penumbra Trading Up 1.7 %

Shares of PEN stock opened at $248.96 on Tuesday. The firm has a market cap of $9.55 billion, a P/E ratio of 289.49, a PEG ratio of 2.48 and a beta of 0.51. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The firm’s 50-day simple moving average is $213.93 and its 200-day simple moving average is $197.63.

Hedge Funds Weigh In On Penumbra

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new position in Penumbra during the third quarter worth $26,000. GAMMA Investing LLC lifted its stake in Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co bought a new position in Penumbra during the second quarter worth $54,000. Park Place Capital Corp lifted its stake in Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock worth $70,000 after purchasing an additional 339 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the transaction, the executive vice president now directly owns 61,088 shares in the company, valued at approximately $12,597,567.36. This represents a 0.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Harpreet Grewal sold 166 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the transaction, the director now owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This trade represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,748 shares of company stock valued at $10,166,574 over the last 90 days. 5.00% of the stock is owned by corporate insiders.

Penumbra declared that its Board of Directors has initiated a stock buyback program on Tuesday, August 13th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.