Penguin Solutions (NASDAQ:PENG) Trading Down 2.8% – Here’s What Happened

Shares of Penguin Solutions (NASDAQ:PENG) dropped 2.8% on Monday . The stock traded as low as $19.00 and last traded at $19.32. Approximately 223,641 shares changed hands during trading, a decline of 78% from the average daily volume of 1,032,024 shares. The stock had previously closed at $19.87.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. JMP Securities initiated coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 price objective for the company. The Goldman Sachs Group began coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They set a “buy” rating and a $21.00 price objective on the stock. Needham & Company LLC lowered their price target on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Barclays lowered their target price on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus dropped their price objective on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $23.60.

Penguin Solutions Trading Down 1.3 %

The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -19.32 and a beta of 1.74. The firm’s fifty day simple moving average is $17.44. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65.

Penguin Solutions (NASDAQ:PENG) last posted its earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.04). Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. The company had revenue of $311.15 million during the quarter, compared to analyst estimates of $325.00 million. Research analysts predict that Penguin Solutions will post 1.33 EPS for the current fiscal year.

Insider Activity at Penguin Solutions

In related news, COO Jack A. Pacheco sold 13,334 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $20.05, for a total transaction of $267,346.70. Following the transaction, the chief operating officer now owns 235,960 shares of the company’s stock, valued at approximately $4,730,998. The trade was a 5.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the sale, the insider now owns 95,999 shares in the company, valued at $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.

About Penguin Solutions

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.