FY2024 EPS Estimates for Penumbra Boosted by Leerink Partnrs

Penumbra, Inc. (NYSE:PEN) – Equities researchers at Leerink Partnrs boosted their FY2024 earnings estimates for shares of Penumbra in a report issued on Monday, November 25th. Leerink Partnrs analyst M. Kratky now forecasts that the company will earn $2.78 per share for the year, up from their prior forecast of $2.64. Leerink Partnrs 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 announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.16. The business had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the firm earned $0.67 earnings per share.

A number of other equities analysts also recently commented on the company. BTIG Research boosted their price objective on Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Citigroup increased their price objective on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Royal Bank of Canada raised their price objective on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Truist Financial boosted their target price on shares of Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target on the stock. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Price Performance

Shares of NYSE PEN opened at $244.68 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The company has a market cap of $9.39 billion, a price-to-earnings ratio of 284.51, a price-to-earnings-growth ratio of 2.48 and a beta of 0.51. The stock’s 50-day moving average is $212.69 and its two-hundred day moving average is $197.37. Penumbra has a 1-year low of $148.00 and a 1-year high of $277.34.

Penumbra declared that its board has authorized a share repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Penumbra

In related news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $239.74, for a total transaction of $143,844.00. Following the completion of the sale, the executive vice president now owns 64,044 shares in the company, valued at $15,353,908.56. This represents a 0.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $237.28, for a total transaction of $3,559,200.00. Following the transaction, the chief executive officer now directly owns 852,582 shares in the company, valued at $202,300,656.96. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,748 shares of company stock worth $10,166,574. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Several hedge funds have recently made changes to their positions in PEN. True Wealth Design LLC acquired a new position in Penumbra in the 3rd quarter valued at about $26,000. GAMMA Investing LLC grew its stake in shares of Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new position in shares of Penumbra in the 2nd quarter valued at approximately $54,000. Park Place Capital Corp increased its holdings in shares of Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after purchasing an additional 339 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock worth $70,000 after purchasing an additional 369 shares during the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Penumbra Company Profile

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.