Penumbra (NYSE:PEN) Shares Gap Up Following Strong Earnings

Penumbra, Inc. (NYSE:PEN)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $278.77, but opened at $300.00. Penumbra shares last traded at $283.15, with a volume of 369,942 shares.

The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.17. The firm had revenue of $324.14 million for the quarter, compared to analysts’ expectations of $315.72 million. Penumbra had a return on equity of 9.74% and a net margin of 1.17%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PEN shares. Robert W. Baird boosted their price target on Penumbra from $316.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus set a $318.00 target price on Penumbra and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday, February 19th. Bank of America initiated coverage on shares of Penumbra in a research note on Friday, March 14th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, StockNews.com upgraded shares of Penumbra from a “hold” rating to a “buy” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $302.40.

Insiders Place Their Bets

In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $287.43, for a total value of $172,458.00. Following the sale, the executive vice president now directly owns 66,539 shares in the company, valued at $19,125,304.77. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Adam Elsesser sold 16,560 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $274.35, for a total transaction of $4,543,236.00. Following the sale, the chief executive officer now directly owns 63,911 shares of the company’s stock, valued at $17,533,982.85. This represents a 20.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 127,846 shares of company stock valued at $35,779,187 in the last ninety days. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

Large investors have recently modified their holdings of the company. UMB Bank n.a. boosted its position in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after acquiring an additional 70 shares during the last quarter. Hurley Capital LLC bought a new stake in shares of Penumbra during the 4th quarter valued at about $56,000. Huntington National Bank grew its stake in Penumbra by 138.7% during the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after purchasing an additional 154 shares during the period. Mather Group LLC. increased its holdings in Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock worth $73,000 after purchasing an additional 208 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Penumbra by 893.5% in the first quarter. Versant Capital Management Inc now owns 308 shares of the company’s stock valued at $82,000 after buying an additional 277 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Price Performance

The stock has a market capitalization of $11.54 billion, a P/E ratio of 877.35, a PEG ratio of 2.83 and a beta of 0.56. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. The business has a fifty day simple moving average of $276.40 and a 200-day simple moving average of $253.66.

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.