Penguin Solutions (NASDAQ:PENG) Reaches New 1-Year High – Time to Buy?

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $53.40 and last traded at $53.0590, with a volume of 1560184 shares changing hands. The stock had previously closed at $48.81.

Analyst Ratings Changes

PENG has been the subject of several recent research reports. Rosenblatt Securities reissued a “buy” rating and set a $30.00 price target on shares of Penguin Solutions in a report on Monday, March 30th. Needham & Company LLC boosted their price target on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Barclays lowered Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $23.00 to $27.00 in a report on Wednesday, April 22nd. Stifel Nicolaus cut their price target on Penguin Solutions from $27.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Finally, Wall Street Zen raised Penguin Solutions from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Penguin Solutions currently has an average rating of “Moderate Buy” and a consensus target price of $27.25.

Penguin Solutions Stock Up 9.0%

The company has a 50-day moving average price of $28.69 and a 200 day moving average price of $22.94. The firm has a market capitalization of $2.70 billion, a PE ratio of 73.90 and a beta of 2.66. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.10 and a quick ratio of 1.55.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%.The business had revenue of $343.00 million for the quarter, compared to the consensus estimate of $339.00 million. Analysts forecast that Penguin Solutions, Inc. will post 1.66 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Sandeep Nayyar sold 7,107 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $43.48, for a total value of $309,012.36. Following the sale, the director directly owned 25,417 shares in the company, valued at approximately $1,105,131.16. The trade was a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Maximiliane C. Straub sold 3,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 51,975 shares in the company, valued at $2,546,775. This represents a 5.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 68,769 shares of company stock worth $2,473,051. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Penguin Solutions

A number of hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Penguin Solutions by 41.4% in the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after buying an additional 525 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of Penguin Solutions by 20.8% in the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after buying an additional 617 shares in the last quarter. Covestor Ltd lifted its position in shares of Penguin Solutions by 4.7% in the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after buying an additional 695 shares in the last quarter. M&T Bank Corp lifted its position in shares of Penguin Solutions by 7.0% in the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after buying an additional 706 shares in the last quarter. Finally, Optimize Financial Inc lifted its position in shares of Penguin Solutions by 1.5% in the fourth quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock worth $1,102,000 after buying an additional 808 shares in the last quarter.

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.