Q3 Earnings Estimate for Penumbra Issued By Leerink Partnrs

Penumbra, Inc. (NYSE:PEN - Free Report) - Investment analysts at Leerink Partnrs cut their Q3 2024 earnings per share estimates for shares of Penumbra in a research note 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 previous forecast 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.

Several other brokerages also recently commented on PEN. Needham & Company LLC reaffirmed a "hold" rating on shares of Penumbra in a research report on Wednesday, July 31st. Citigroup boosted their price target on Penumbra from $178.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, August 22nd. Wells Fargo & Company lowered Penumbra from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Royal Bank of Canada increased their target price on Penumbra from $205.00 to $222.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Finally, Robert W. Baird cut their target price on Penumbra from $231.00 to $180.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $218.08.

Penumbra Stock Performance

PEN traded down $3.17 on Thursday, hitting $202.26. The company had a trading volume of 279,948 shares, compared to its average volume of 381,334. The company's fifty day moving average price is $195.75 and its 200 day moving average price is $194.44. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 85.34, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. During the same period in the previous year, the company earned $0.43 EPS. The company's revenue for the quarter was up 14.5% on a year-over-year basis.

Penumbra announced that its Board of Directors has approved a stock repurchase program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to buy up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the sale, the executive vice president now owns 61,688 shares of the company's stock, valued at approximately $10,855,854.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm's stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares in the company, valued at $10,855,854.24. This trade represents 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 through this link. Also, Director Harpreet Grewal sold 166 shares of the firm's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares of the company's stock, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,368 shares of company stock valued at $3,824,718. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Penumbra by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company's stock valued at $823,681,000 after purchasing an additional 32,557 shares during the period. Champlain Investment Partners LLC increased its stake in shares of Penumbra by 131.8% in the first quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company's stock valued at $242,060,000 after buying an additional 616,700 shares during the period. William Blair Investment Management LLC raised its stake in shares of Penumbra by 12.2% during the first quarter. William Blair Investment Management LLC now owns 833,703 shares of the company's stock valued at $186,066,000 after acquiring an additional 90,444 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Penumbra by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 327,312 shares of the company's stock valued at $58,906,000 after buying an additional 4,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Penumbra by 96.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company's stock valued at $46,257,000 after purchasing an additional 126,392 shares during the period. 88.88% of the stock is currently owned by institutional investors.

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.