Penguin Solutions (NASDAQ:PENG) Trading 3.2% Higher – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) was up 3.2% on Monday . The company traded as high as $20.53 and last traded at $20.50. Approximately 216,640 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,036,838 shares. The stock had previously closed at $19.87.

Analysts Set New Price Targets

PENG has been the subject of a number of research reports. JMP Securities started coverage on Penguin Solutions in a report on Monday, November 18th. They set an “outperform” rating and a $23.00 price objective for the company. Needham & Company LLC lowered their price target on shares of Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Barclays dropped 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. Finally, Stifel Nicolaus reduced their price target on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $23.60.

Penguin Solutions Price Performance

The company has a market cap of $1.10 billion, a PE ratio of -20.50 and a beta of 1.74. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.04). The company 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%. On average, equities research analysts forecast that Penguin Solutions will post 1.33 EPS for the current fiscal year.

Insider Transactions at Penguin Solutions

In other news, insider Joseph Gates Clark sold 2,264 shares of the firm’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 of the company’s stock, valued at approximately $1,679,982.50. This trade 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 can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

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.