Penumbra (NYSE:PEN) Hits New 52-Week High After Strong Earnings

Penumbra, Inc. (NYSE:PEN)’s stock price reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. 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 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. The company had revenue of $315.52 million for the quarter, compared to analyst estimates of $311.63 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%.

Analyst Ratings Changes

PEN has been the topic of a number of research reports. Canaccord Genuity Group raised their price target on shares of Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday. Robert W. Baird raised their target price on Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on Penumbra from $230.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley raised their price objective on Penumbra from $240.00 to $260.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Truist Financial increased their target price on shares of Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and a consensus price target of $292.64.

Insider Activity at Penumbra

In other Penumbra news, CAO Lambert Shiu sold 1,798 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $242.56, for a total value of $436,122.88. Following the sale, the chief accounting officer now owns 20,682 shares of the company’s stock, valued at $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 167 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the transaction, the director now owns 8,530 shares in the company, valued at $2,058,118.40. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,219 shares of company stock worth $4,426,439. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

Several hedge funds have recently bought and sold shares of PEN. China Universal Asset Management Co. Ltd. purchased a new stake in Penumbra during the fourth quarter worth about $573,000. State Street Corp increased its stake in Penumbra by 0.3% during the 3rd quarter. State Street Corp now owns 1,236,671 shares of the company’s stock worth $240,298,000 after buying an additional 3,863 shares during the period. Thrivent Financial for Lutherans boosted its position in Penumbra by 3,832.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company’s stock valued at $71,564,000 after buying an additional 358,932 shares during the period. E. Ohman J or Asset Management AB grew its stake in shares of Penumbra by 10.4% in the fourth quarter. E. Ohman J or Asset Management AB now owns 21,312 shares of the company’s stock worth $5,061,000 after acquiring an additional 2,000 shares in the last quarter. Finally, AlphaCentric Advisors LLC purchased a new stake in shares of Penumbra during the third quarter worth $777,000. Institutional investors and hedge funds own 88.88% of the company’s stock.

Penumbra Stock Performance

The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of 352.97, a PEG ratio of 1.97 and a beta of 0.53. The firm has a 50 day moving average price of $256.15 and a 200-day moving average price of $225.97. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

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.