Penguin Solutions, Inc. (NASDAQ:PENG – Get Free Report) saw an uptick in trading volume on Monday . Approximately 1,567,177 shares changed hands during mid-day trading, a decline of 36% from the previous session’s volume of 2,446,750 shares.The stock last traded at $54.54 and had previously closed at $60.41.
Analysts Set New Price Targets
PENG has been the subject of several recent analyst reports. Citigroup reaffirmed an “outperform” rating on shares of Penguin Solutions in a research report on Wednesday, July 8th. Rosenblatt Securities raised their price objective on shares of Penguin Solutions from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Wall Street Zen raised shares of Penguin Solutions from a “buy” rating to a “strong-buy” rating in a report on Saturday. Barclays downgraded shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 target price on the stock. in a research note on Monday. Finally, Weiss Ratings raised shares of Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Penguin Solutions currently has an average rating of “Moderate Buy” and a consensus price target of $63.33.
View Our Latest Analysis on Penguin Solutions
Penguin Solutions Price Performance
Penguin Solutions (NASDAQ:PENG – Get Free Report) last posted its earnings results on Tuesday, July 7th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.21. The business had revenue of $478.71 million for the quarter, compared to analysts’ expectations of $407.47 million. Penguin Solutions had a net margin of 6.44% and a return on equity of 28.23%. During the same quarter in the prior year, the business earned $0.52 EPS. On average, equities research analysts anticipate that Penguin Solutions, Inc. will post 2.08 EPS for the current year.
Insider Activity at Penguin Solutions
In other Penguin Solutions news, Director Maximiliane C. Straub sold 8,000 shares of Penguin Solutions stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the sale, the director owned 58,975 shares of the company’s stock, valued at approximately $2,653,875. The trade was a 11.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Joseph Gates Clark sold 10,351 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $58.87, for a total transaction of $609,363.37. Following the sale, the senior vice president owned 66,425 shares of the company’s stock, valued at approximately $3,910,439.75. This represents a 13.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 65,574 shares of company stock valued at $3,069,722 over the last ninety days. Company insiders own 2.90% of the company’s stock.
Hedge Funds Weigh In On Penguin Solutions
A number of institutional investors and hedge funds have recently modified their holdings of PENG. Royal Bank of Canada bought a new position in Penguin Solutions in the first quarter valued at about $7,250,000. Amundi purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at about $373,000. AQR Capital Management LLC bought a new position in shares of Penguin Solutions in the 1st quarter worth approximately $1,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Penguin Solutions in the first quarter worth approximately $538,000. Finally, Goldman Sachs Group Inc. bought a new stake in 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.
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