Penguin Solutions, Inc. (NASDAQ:PENG – Get Free Report)’s stock price fell 6.6% during mid-day trading on Wednesday . The company traded as low as $54.54 and last traded at $54.5160. Approximately 201,074 shares were traded during mid-day trading, a decline of 92% from the average session volume of 2,440,445 shares. The stock had previously closed at $58.36.
Analyst Upgrades and Downgrades
PENG has been the topic of several recent analyst reports. Citizens Jmp boosted their target price on Penguin Solutions from $65.00 to $85.00 and gave the stock a “market outperform” rating in a report on Wednesday, July 8th. Barclays downgraded Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price objective for the company. in a research report on Monday, July 20th. Stifel Nicolaus boosted their price objective on Penguin Solutions from $66.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Citigroup restated an “outperform” rating on shares of Penguin Solutions in a report on Wednesday, July 8th. Finally, Wall Street Zen lowered Penguin Solutions from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.33.
View Our Latest Analysis on Penguin Solutions
Penguin Solutions Price Performance
Penguin Solutions (NASDAQ:PENG – Get Free Report) last announced its quarterly earnings results on Tuesday, July 7th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.21. The firm had revenue of $478.71 million for the quarter, compared to analyst estimates 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 previous year, the firm posted $0.52 earnings per share. As a group, equities analysts forecast that Penguin Solutions, Inc. will post 2.08 earnings per share for the current year.
Insider Buying and Selling
In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of Penguin Solutions stock in a transaction dated Monday, June 15th. The shares were 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 owned 120,794 shares in the company, valued at $7,776,717.72. The trade was a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 1,327 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $57.47, for a total transaction of $76,262.69. Following the sale, the senior vice president directly owned 63,056 shares of the company’s stock, valued at $3,623,828.32. This represents a 2.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 19,678 shares of company stock valued at $1,160,946. Insiders own 2.90% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of PENG. Global Retirement Partners LLC acquired a new position in shares of Penguin Solutions in the 2nd quarter worth approximately $26,000. Farther Finance Advisors LLC increased its holdings in shares of Penguin Solutions by 187.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after acquiring an additional 946 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Penguin Solutions during the fourth quarter worth $29,000. Allworth Financial LP acquired a new stake in shares of Penguin Solutions in the 2nd quarter worth about $37,000. Finally, Raymond James Financial Inc. bought a new position in shares of Penguin Solutions in the second quarter valued at approximately $37,000.
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.
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