Penguin Solutions (NASDAQ:PENG) Shares Up 7.4% – Here’s Why
by Tristan Rich · The Markets DailyPenguin Solutions, Inc. (NASDAQ:PENG – Get Free Report)’s share price shot up 7.4% during trading on Friday . The stock traded as high as $29.50 and last traded at $29.6540. 972,478 shares changed hands during trading, a decline of 27% from the average session volume of 1,331,700 shares. The stock had previously closed at $27.61.
Analysts Set New Price Targets
A number of brokerages have weighed in on PENG. Wall Street Zen upgraded Penguin Solutions from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Stifel Nicolaus cut their price target on Penguin Solutions from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, April 2nd. The Goldman Sachs Group began coverage on shares of Penguin Solutions in a research report on Tuesday, January 13th. They set a “buy” rating and a $25.00 price objective for the company. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $23.00 to $27.00 in a research note on Wednesday. Finally, Zacks Research upgraded shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.25.
Read Our Latest Research Report on Penguin Solutions
Penguin Solutions Price Performance
The business has a 50-day moving average of $20.45 and a 200 day moving average of $20.54. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $1.52 billion, a P/E ratio of 41.43 and a beta of 2.23.
Penguin Solutions (NASDAQ:PENG – Get Free Report) last announced its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $339.00 million. On average, sell-side analysts predict that Penguin Solutions, Inc. will post 1.66 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, SVP Joseph Gates Clark sold 12,546 shares of Penguin Solutions stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $22.55, for a total value of $282,912.30. Following the completion of the sale, the senior vice president owned 99,726 shares of the company’s stock, valued at approximately $2,248,821.30. This trade represents a 11.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $17.75, for a total transaction of $71,000.00. Following the sale, the senior vice president owned 131,352 shares of the company’s stock, valued at $2,331,498. This trade represents a 2.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 23,630 shares of company stock worth $534,232. 2.90% of the stock is owned by company insiders.
Institutional Investors Weigh In On Penguin Solutions
Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada bought a new position in Penguin Solutions in the 1st quarter valued at about $7,250,000. Amundi bought a new position in shares of Penguin Solutions in the first quarter valued at approximately $373,000. AQR Capital Management LLC bought a new position in shares of Penguin Solutions in the first quarter valued at approximately $1,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Penguin Solutions during the first quarter valued at approximately $538,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Penguin Solutions during the first quarter valued at approximately $3,259,000.
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.