Penguin Solutions (NASDAQ:PENG) Shares Down 8.2% – What’s Next?

Penguin Solutions, Inc. (NASDAQ:PENG) fell 8.2% on Wednesday . The stock traded as low as $69.54 and last traded at $69.8110. Approximately 1,414,508 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 2,092,379 shares. The stock had previously closed at $76.01.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PENG shares. Rosenblatt Securities raised their price objective on shares of Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus upped their target price on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wall Street Zen raised shares of Penguin Solutions from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Weiss Ratings lowered shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Finally, Needham & Company LLC raised 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, April 2nd. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.88.

Penguin Solutions Price Performance

The stock’s 50 day moving average is $52.00 and its two-hundred day moving average is $31.12. The stock has a market capitalization of $3.48 billion, a PE ratio of 95.27 and a beta of 2.89. 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 analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $343.00 million for the quarter, compared to the consensus estimate of $339.00 million. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. As a group, sell-side analysts forecast that Penguin Solutions, Inc. will post 1.79 earnings per share for the current fiscal year.

Insider Transactions at Penguin Solutions

In other news, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the sale, the senior vice president directly owned 120,794 shares of the company’s stock, valued at approximately $7,776,717.72. The trade was a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 10,351 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the transaction, the senior vice president owned 66,425 shares in the company, valued at $3,910,439.75. This represents a 13.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 83,120 shares of company stock valued at $3,486,734 over the last quarter. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Penguin Solutions by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 6,592,564 shares of the company’s stock valued at $173,253,000 after purchasing an additional 25,804 shares during the last quarter. State Street Corp grew its position in Penguin Solutions by 3.2% during the 4th quarter. State Street Corp now owns 2,957,938 shares of the company’s stock worth $57,857,000 after purchasing an additional 91,805 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Penguin Solutions by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock valued at $46,726,000 after purchasing an additional 95,585 shares during the period. Invesco Ltd. raised its holdings in shares of Penguin Solutions by 596.8% in the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after buying an additional 1,706,482 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY boosted its stake in shares of Penguin Solutions by 73.8% during the first quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock worth $28,250,000 after buying an additional 681,700 shares during the period.

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.