Penumbra, Inc. (PEN) Posts Earnings Results, Hits Expectations
Penumbra, Inc. (NYSE:PEN) posted its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05), Briefing.com reports. Penumbra had a negative net margin of 2.31% and a negative return on equity of 2.25%. The company had revenue of $80.60 million during the quarter, compared to the consensus estimate of $77.16 million. During the same period in the previous year, the firm posted $0.01 EPS. The firm’s revenue was up 23.8% compared to the same quarter last year.
Penumbra (NYSE PEN) traded up 4.70% during mid-day trading on Wednesday, reaching $88.05. 460,464 shares of the company’s stock traded hands. The stock has a market capitalization of $2.96 billion, a PE ratio of 315.59 and a beta of 0.10. The stock has a 50-day moving average price of $85.51 and a 200-day moving average price of $81.83. Penumbra has a 12-month low of $56.05 and a 12-month high of $91.00.
A number of analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Penumbra from a “hold” rating to a “sell” rating in a report on Thursday, May 11th. BidaskClub raised shares of Penumbra from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. BMO Capital Markets reaffirmed a “buy” rating and set a $96.00 price objective on shares of Penumbra in a report on Friday, June 16th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $100.00 price objective (up from $94.00) on shares of Penumbra in a report on Wednesday.
In other Penumbra news, Director Thomas Wilder sold 345 shares of the stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $86.10, for a total transaction of $29,704.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Donen Davis sold 32,000 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $79.42, for a total transaction of $2,541,440.00. The disclosure for this sale can be found here. 22.00% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Pioneer Investment Management Inc. raised its position in Penumbra by 27.9% in the first quarter. Pioneer Investment Management Inc. now owns 86,502 shares of the company’s stock valued at $7,219,000 after buying an additional 18,873 shares during the period. Parametric Portfolio Associates LLC raised its position in Penumbra by 1.0% in the first quarter. Parametric Portfolio Associates LLC now owns 36,753 shares of the company’s stock valued at $3,067,000 after buying an additional 360 shares during the period. Eagle Asset Management Inc. acquired a new position in Penumbra during the first quarter valued at approximately $15,865,000. TD Asset Management Inc. acquired a new position in Penumbra during the first quarter valued at approximately $588,000. Finally, UBS Asset Management Americas Inc. raised its position in Penumbra by 126.4% in the first quarter. UBS Asset Management Americas Inc. now owns 15,716 shares of the company’s stock valued at $1,312,000 after buying an additional 8,773 shares during the period. Institutional investors and hedge funds own 69.01% of the company’s stock.
Penumbra Company Profile
Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.
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