Penumbra (NYSE:PEN) Shares Up 10.5% on Strong Earnings

Penumbra, Inc. (NYSE:PENGet Rating) shot up 10.5% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $162.10 and last traded at $158.19. 5,546 shares changed hands during trading, a decline of 99% from the average session volume of 438,353 shares. The stock had previously closed at $143.14.

The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. Penumbra had a positive return on equity of 1.97% and a negative net margin of 0.83%. The business had revenue of $208.30 million for the quarter, compared to analyst estimates of $206.24 million. During the same quarter last year, the company earned $0.21 EPS. The business’s quarterly revenue was up 13.0% on a year-over-year basis.

Analyst Ratings Changes

A number of research firms recently issued reports on PEN. Deutsche Bank Aktiengesellschaft dropped their price target on Penumbra from $250.00 to $163.00 in a research note on Thursday, July 21st. William Blair restated an “outperform” rating on shares of Penumbra in a research note on Tuesday, May 3rd. Wells Fargo & Company dropped their price target on Penumbra from $321.00 to $265.00 in a research note on Wednesday, May 4th. Royal Bank of Canada began coverage on Penumbra in a research note on Monday, July 18th. They set an “outperform” rating and a $195.00 price target on the stock. Finally, Canaccord Genuity Group dropped their price target on Penumbra from $244.00 to $189.00 and set a “buy” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $218.78.

Insider Activity at Penumbra

In related news, Director Thomas Wilder sold 248 shares of Penumbra stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $123.64, for a total value of $30,662.72. Following the sale, the director now directly owns 462 shares in the company, valued at $57,121.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 451 shares of company stock worth $57,968 over the last three months. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Penumbra

A number of institutional investors have recently modified their holdings of PEN. William Blair Investment Management LLC raised its holdings in Penumbra by 61.5% during the fourth quarter. William Blair Investment Management LLC now owns 1,101,554 shares of the company’s stock worth $316,498,000 after purchasing an additional 419,632 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Penumbra by 104.1% during the first quarter. Goldman Sachs Group Inc. now owns 219,252 shares of the company’s stock worth $48,703,000 after purchasing an additional 111,824 shares during the last quarter. Rock Springs Capital Management LP raised its holdings in Penumbra by 37.7% during the first quarter. Rock Springs Capital Management LP now owns 204,500 shares of the company’s stock worth $45,426,000 after purchasing an additional 56,000 shares during the last quarter. First Trust Advisors LP raised its holdings in Penumbra by 164.3% during the first quarter. First Trust Advisors LP now owns 81,527 shares of the company’s stock worth $18,110,000 after purchasing an additional 50,685 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Penumbra by 1.4% during the first quarter. BlackRock Inc. now owns 3,402,416 shares of the company’s stock worth $755,777,000 after purchasing an additional 46,196 shares during the last quarter. 80.50% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Stock Performance

The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -981.30 and a beta of 0.73. The stock has a fifty day moving average price of $132.06 and a two-hundred day moving average price of $174.66. The company has a quick ratio of 3.20, a current ratio of 5.31 and a debt-to-equity ratio of 0.03.

About Penumbra

(Get Rating)

Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the Penumbra RED, JET, ACE, 3D Revascularization Device, and Penumbra ENGINE brands, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400, POD400, PAC400, and Penumbra SMART Coil brand names; and neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, BMX96, DDC, and PX SLIM brands.

See Also

Receive News & Ratings for Penumbra Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penumbra and related companies with MarketBeat.com's FREE daily email newsletter.