Penumbra (NYSE:PEN) Hits New 12-Month High Following Earnings Beat

Penumbra, Inc. (NYSE:PEN - Get Free Report)'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 stock traded as high as $304.74 and last traded at $297.34, with a volume of 215945 shares changing hands. The stock had previously closed at $271.14.

The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business had revenue of $315.52 million for the quarter, compared to analysts' expectations of $311.63 million.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PEN. Robert W. Baird raised their price target on shares of Penumbra from $305.00 to $328.00 and gave the company an "outperform" rating in a research report on Wednesday. UBS Group increased their price objective on shares of Penumbra from $305.00 to $320.00 and gave the company a "buy" rating in a research note on Wednesday. Morgan Stanley increased their price objective on shares of Penumbra from $240.00 to $260.00 and gave the company an "equal weight" rating in a research note on Wednesday. Truist Financial increased their price objective on shares of Penumbra from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Wells Fargo & Company increased their price objective on shares of Penumbra from $275.00 to $305.00 and gave the company an "overweight" rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Penumbra presently has an average rating of "Moderate Buy" and a consensus target price of $292.64.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $242.96, for a total transaction of $3,644,400.00. Following the completion of the sale, the chief executive officer now owns 837,582 shares in the company, valued at $203,498,922.72. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harpreet Grewal sold 167 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total transaction of $40,293.76. Following the sale, the director now owns 8,530 shares of the company's stock, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,219 shares of company stock worth $4,426,439 in the last quarter. Insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. bought a new position in Penumbra in the 4th quarter valued at $573,000. State Street Corp lifted its holdings in shares of 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 acquiring an additional 3,863 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Penumbra by 3,832.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 368,298 shares of the company's stock worth $71,564,000 after acquiring an additional 358,932 shares during the last quarter. E. Ohman J or Asset Management AB lifted its holdings in shares of Penumbra by 10.4% during the 4th 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 during the last quarter. Finally, AlphaCentric Advisors LLC bought a new stake in shares of Penumbra during the 3rd quarter worth $777,000. 88.88% of the stock is owned by institutional investors.

Penumbra Price Performance

The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $11.27 billion, a P/E ratio of 860.35, a P/E/G ratio of 2.83 and a beta of 0.53. The business's fifty day moving average price is $259.09 and its 200-day moving average price is $228.23.

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.