Leerink Partnrs Brokers Lift Earnings Estimates for Penumbra

Penumbra, Inc. (NYSE:PEN) – Equities researchers at Leerink Partnrs raised their FY2024 earnings estimates for shares of Penumbra in a research note issued to investors on Monday, November 25th. Leerink Partnrs analyst M. Kratky now anticipates that the company will post earnings per share of $2.78 for the year, up from their prior estimate of $2.64. Leerink Partnrs currently 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 released its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. The firm 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 business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 earnings per share.

Several other analysts also recently weighed in on the stock. Stifel Nicolaus started coverage on shares of Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Leerink Partners started coverage on shares of Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective for the company. Citigroup boosted their price objective on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. BTIG Research boosted their price objective on shares of Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wells Fargo & Company downgraded shares of Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $289.00 to $150.00 in a research report on Wednesday, July 31st. Five research 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 stock. Based on data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and an average price target of $230.92.

Penumbra Stock Up 1.7 %

NYSE:PEN opened at $248.96 on Tuesday. The company’s fifty day moving average price is $213.93 and its 200-day moving average price is $197.63. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The firm has a market capitalization of $9.55 billion, a P/E ratio of 289.49, a PEG ratio of 2.48 and a beta of 0.51. 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 announced that its board has approved a stock repurchase program on Tuesday, August 13th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at $174,495,287.22. This represents a 1.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 61,088 shares in the company, valued at approximately $12,597,567.36. This trade represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,748 shares of company stock valued at $10,166,574. 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 made changes to their positions in the stock. Tidal Investments LLC grew its stake in shares of Penumbra by 2.7% during the 3rd quarter. Tidal Investments LLC now owns 5,008 shares of the company’s stock worth $973,000 after purchasing an additional 130 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Penumbra during the 3rd quarter worth $6,995,000. Sanctuary Advisors LLC acquired a new position in shares of Penumbra during the 3rd quarter worth $367,000. Geode Capital Management LLC boosted its position in shares of Penumbra by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 655,572 shares of the company’s stock worth $127,417,000 after buying an additional 11,257 shares in the last quarter. Finally, M&T Bank Corp boosted its position in shares of Penumbra by 14.1% in the 3rd quarter. M&T Bank Corp now owns 1,445 shares of the company’s stock worth $281,000 after buying an additional 179 shares in the last quarter. 88.88% of the stock is owned by institutional investors and hedge funds.

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.