Penguin Solutions (NASDAQ:PENG) Stock Price Down 1.4% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG)’s stock price traded down 1.4% during mid-day trading on Wednesday . The stock traded as low as $19.60 and last traded at $19.73. 136,701 shares traded hands during trading, a decline of 87% from the average session volume of 1,031,156 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

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

Penguin Solutions Stock Performance

The firm has a market cap of $1.07 billion, a PE ratio of -20.00 and a beta of 1.74. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19. The company’s 50-day moving average price is $17.55.

Penguin Solutions (NASDAQ:PENG) last announced its 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 company had revenue of $311.15 million during the quarter, compared to analysts’ expectations of $325.00 million. Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. On average, equities research analysts predict that Penguin Solutions will post 1.33 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Jack A. Pacheco sold 13,334 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $20.05, for a total value of $267,346.70. Following the transaction, the chief operating officer now directly owns 235,960 shares in the company, valued at approximately $4,730,998. This represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the sale, the insider now owns 95,999 shares of the company’s stock, valued at $1,679,982.50. The trade was a 2.30 % decrease in their position. 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.