Penumbra Inc (NYSE:PEN) Expected to Post Quarterly Sales of $133.38 Million

Brokerages forecast that Penumbra Inc (NYSE:PEN) will report sales of $133.38 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Penumbra’s earnings, with the highest sales estimate coming in at $133.50 million and the lowest estimate coming in at $133.25 million. Penumbra reported sales of $111.81 million during the same quarter last year, which indicates a positive year-over-year growth rate of 19.3%. The business is scheduled to report its next earnings results on Monday, November 4th.

According to Zacks, analysts expect that Penumbra will report full year sales of $538.35 million for the current financial year, with estimates ranging from $537.70 million to $539.00 million. For the next year, analysts expect that the business will report sales of $645.26 million, with estimates ranging from $640.00 million to $652.37 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Penumbra.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.06. Penumbra had a return on equity of 6.80% and a net margin of 3.03%. The firm had revenue of $134.20 million during the quarter, compared to analysts’ expectations of $130.67 million. During the same period last year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year.



Several research analysts have recently issued reports on the company. Royal Bank of Canada set a $174.00 price objective on Penumbra and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Zacks Investment Research cut Penumbra from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upgraded Penumbra from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $140.00 to $170.00 in a research note on Thursday, May 30th. Bank of America raised their price objective on Penumbra from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, ValuEngine cut Penumbra from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $167.14.

In related news, CFO Sridhar Kosaraju sold 5,000 shares of Penumbra stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $142.89, for a total transaction of $714,450.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam Elsesser sold 8,000 shares of Penumbra stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $165.08, for a total value of $1,320,640.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,412 shares of company stock valued at $6,318,718. 9.60% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC grew its holdings in Penumbra by 3.4% in the first quarter. FMR LLC now owns 5,197,972 shares of the company’s stock valued at $764,155,000 after purchasing an additional 173,056 shares during the period. BlackRock Inc. grew its holdings in Penumbra by 11.0% in the second quarter. BlackRock Inc. now owns 1,688,948 shares of the company’s stock valued at $270,233,000 after purchasing an additional 167,084 shares during the period. Thoroughbred Financial Services LLC grew its holdings in Penumbra by 16,171.3% in the second quarter. Thoroughbred Financial Services LLC now owns 1,247,360 shares of the company’s stock valued at $124,736,000 after purchasing an additional 1,239,694 shares during the period. Baillie Gifford & Co. grew its holdings in Penumbra by 18.5% in the second quarter. Baillie Gifford & Co. now owns 1,095,805 shares of the company’s stock valued at $175,329,000 after purchasing an additional 170,901 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in Penumbra by 39.6% in the second quarter. William Blair Investment Management LLC now owns 958,597 shares of the company’s stock valued at $153,376,000 after purchasing an additional 271,784 shares during the period. Institutional investors own 90.29% of the company’s stock.

Shares of NYSE:PEN traded down $0.04 during trading on Thursday, hitting $145.21. The stock had a trading volume of 198,200 shares, compared to its average volume of 524,482. Penumbra has a 12-month low of $110.84 and a 12-month high of $185.70. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 284.73, a price-to-earnings-growth ratio of 8.32 and a beta of 0.65. The company has a quick ratio of 4.33, a current ratio of 6.23 and a debt-to-equity ratio of 0.10. The stock has a 50-day simple moving average of $165.15 and a two-hundred day simple moving average of $150.65.

About Penumbra

Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.

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Earnings History and Estimates for Penumbra (NYSE:PEN)

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