Penguin Solutions (NASDAQ:PENG) Trading 4.7% Higher – Here’s What Happened

Penguin Solutions (NASDAQ:PENG)’s stock price traded up 4.7% during trading on Monday . The company traded as high as $19.56 and last traded at $19.38. Approximately 118,460 shares were traded during mid-day trading, a decline of 89% from the average session volume of 1,045,879 shares. The stock had previously closed at $18.51.

Analyst Ratings Changes

Several equities analysts recently weighed in on PENG shares. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Barclays cut their target price on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. JMP Securities assumed coverage on Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 target price for the company. Stifel Nicolaus dropped their price target on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a research note on Friday, November 1st. They issued a “buy” rating and a $21.00 target price for the company. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $24.17.

Penguin Solutions Stock Performance

The company’s 50 day simple moving average is $17.65. The company has a current ratio of 2.65, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The stock has a market cap of $1.04 billion, a P/E ratio of -19.47 and a beta of 1.74.

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

Insiders Place Their Bets

In other news, insider Joseph Gates Clark sold 2,264 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the transaction, the insider now directly owns 95,999 shares in the company, valued at approximately $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jack A. Pacheco sold 13,334 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 235,960 shares in the company, valued at $4,730,998. This trade represents a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

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.