Penguin Solutions (NASDAQ:PENG) Stock Price Up 4.7% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PENG shares. Rosenblatt Securities restated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a research note on Thursday. The Goldman Sachs Group began coverage on Penguin Solutions in a report on Friday, November 1st. They issued a “buy” rating and a $21.00 price objective on the stock. Stifel Nicolaus reduced their price objective on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Barclays lowered their target price on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, Citizens Jmp raised Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $24.17.

Penguin Solutions Trading Up 4.1 %

The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65. The business’s fifty day moving average is $17.62. The firm has a market capitalization of $1.03 billion, a PE ratio of -19.27 and a beta of 1.74.

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

Insider Activity at Penguin Solutions

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions stock in a transaction that occurred 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 sale, the insider now directly owns 95,999 shares of the company’s stock, valued at approximately $1,679,982.50. The trade was a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $20.05, for a total value of $267,346.70. Following the completion of the transaction, the chief operating officer now directly 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 disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.

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.