Penguin Solutions (NASDAQ:PENG) Shares Gap Up – Still a Buy?

Penguin Solutions (NASDAQ:PENG)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $17.55, but opened at $18.07. Penguin Solutions shares last traded at $18.29, with a volume of 108,685 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PENG shares. Loop Capital started coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target for the company. Barclays upped their price target on shares of Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, January 9th. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Needham & Company LLC upped their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 9th. Finally, JMP Securities started coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They issued an “outperform” rating and a $23.00 target price for the company. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Penguin Solutions currently has an average rating of “Buy” and a consensus target price of $25.43.

Penguin Solutions Stock Performance

The firm has a 50 day simple moving average of $19.90. The firm has a market cap of $967.76 million, a P/E ratio of -34.96 and a beta of 1.70. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33.

Insider Activity at Penguin Solutions

In related news, COO Jack A. Pacheco sold 6,667 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $22.14, for a total value of $147,607.38. Following the transaction, the chief operating officer now directly owns 231,548 shares in the company, valued at approximately $5,126,472.72. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Joseph Gates Clark sold 2,131 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the transaction, the senior vice president now owns 89,469 shares in the company, valued at $1,873,480.86. The trade was a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,131 shares of company stock worth $462,557. 2.60% of the stock is owned by 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.