Q3 Earnings Forecast for Penumbra Issued By Leerink Partnrs

Penumbra, Inc. (NYSE:PEN) – Equities researchers at Leerink Partnrs lowered their Q3 2024 EPS estimates for Penumbra in a report issued on Tuesday, October 15th. Leerink Partnrs analyst M. Kratky now expects that the company will post earnings of $0.62 per share for the quarter, down from their prior estimate of $0.67. Leerink Partnrs currently has a “Strong-Buy” rating on the stock. The consensus estimate for Penumbra’s current full-year earnings is $2.59 per share. Leerink Partnrs also issued estimates for Penumbra’s Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $2.49 EPS, Q1 2025 earnings at $0.72 EPS, Q2 2025 earnings at $0.97 EPS, Q3 2025 earnings at $1.01 EPS, Q4 2025 earnings at $1.20 EPS, FY2025 earnings at $3.90 EPS, FY2026 earnings at $5.40 EPS, FY2027 earnings at $6.60 EPS and FY2028 earnings at $7.51 EPS.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley cut their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. Royal Bank of Canada lifted their target price on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Robert W. Baird dropped their price objective on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Penumbra presently has an average rating of “Moderate Buy” and a consensus price target of $218.08.

Penumbra Trading Down 1.5 %

Shares of PEN opened at $202.26 on Thursday. The firm’s 50-day moving average price is $195.75 and its 200-day moving average price is $194.44. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of 85.34, a PEG ratio of 2.25 and a beta of 0.54. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PEN. Vanguard Group Inc. raised its holdings in shares of Penumbra by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 3,658,103 shares of the company’s stock valued at $920,159,000 after purchasing an additional 58,184 shares during the last quarter. Mather Group LLC. purchased a new position in shares of Penumbra during the first quarter valued at approximately $29,000. Congress Asset Management Co. MA raised its holdings in shares of Penumbra by 375.0% during the first quarter. Congress Asset Management Co. MA now owns 26,576 shares of the company’s stock valued at $5,931,000 after purchasing an additional 20,981 shares during the last quarter. Diversified Trust Co increased its holdings in Penumbra by 112.1% during the first quarter. Diversified Trust Co now owns 6,720 shares of the company’s stock valued at $1,500,000 after buying an additional 3,552 shares during the last quarter. Finally, State of Michigan Retirement System raised its position in Penumbra by 3.3% in the first quarter. State of Michigan Retirement System now owns 9,514 shares of the company’s stock worth $2,123,000 after acquiring an additional 300 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the transaction, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Adam Elsesser sold 1,620 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the transaction, the chief executive officer now directly owns 925,962 shares of the company’s stock, valued at $185,192,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,368 shares of company stock worth $3,824,718. Corporate insiders own 5.00% of the company’s stock.

Penumbra announced that its Board of Directors has initiated a share repurchase plan on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.