Penguin Solutions (NASDAQ:PENG) Trading Up 8.1% – Here’s What Happened

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price was up 8.1% during trading on Thursday . The company traded as high as $65.88 and last traded at $64.5070. 398,247 shares changed hands during trading, a decline of 80% from the average session volume of 1,965,846 shares. The stock had previously closed at $59.68.

Analysts Set New Price Targets

A number of research firms recently weighed in on PENG. Wall Street Zen upgraded Penguin Solutions from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. Rosenblatt Securities lifted their target price on Penguin Solutions from $54.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Zacks Research lowered Penguin Solutions from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Needham & Company LLC upped their price target on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Barclays cut Penguin Solutions from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.88.

Penguin Solutions Price Performance

The firm has a market cap of $3.41 billion, a P/E ratio of 93.26 and a beta of 2.89. The company has a quick ratio of 1.55, a current ratio of 2.10 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $46.05 and its two-hundred day moving average is $28.80.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The business had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $339.00 million. As a group, analysts anticipate that Penguin Solutions, Inc. will post 1.79 earnings per share for the current year.

Insiders Place Their Bets

In other Penguin Solutions news, Director Sandeep Nayyar sold 12,893 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $45.09, for a total transaction of $581,345.37. Following the transaction, the director directly owned 32,524 shares in the company, valued at approximately $1,466,507.16. This represents a 28.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joseph Gates Clark sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $22.55, for a total transaction of $282,912.30. Following the sale, the senior vice president directly owned 99,726 shares of the company’s stock, valued at approximately $2,248,821.30. This trade represents a 11.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 83,120 shares of company stock valued at $3,486,734 in the last ninety days. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Penguin Solutions

A number of large investors have recently bought and sold shares of PENG. Allworth Financial LP grew its stake in Penguin Solutions by 41.4% in the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock valued at $47,000 after acquiring an additional 525 shares during the period. Osaic Holdings Inc. raised its position in shares of Penguin Solutions by 20.8% during the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after purchasing an additional 617 shares during the period. Covestor Ltd raised its position in shares of Penguin Solutions by 4.7% during the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after purchasing an additional 695 shares during the period. M&T Bank Corp raised its position in shares of Penguin Solutions by 7.0% during the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after purchasing an additional 706 shares during the period. Finally, Optimize Financial Inc lifted its holdings in shares of Penguin Solutions by 1.5% in the 4th quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock worth $1,102,000 after purchasing an additional 808 shares in the last quarter.

Penguin Solutions Company Profile

Penguin Solutions, Inc engages in the designing and development of enterprise solutions worldwide. It operates through three segments: Advanced Computing, Integrated Memory, and Optimized LED. It offers dynamic random access memory modules, solid-state and flash storage, and other advanced integrated memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services, including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.