Penguin Solutions (NASDAQ:PENG) Shares Down 1.4% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) fell 1.4% on Wednesday . The company traded as low as $19.60 and last traded at $19.73. 136,701 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,031,156 shares. The stock had previously closed at $20.00.

Analysts Set New Price Targets

PENG has been the topic of a number of research reports. JMP Securities initiated coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 target price on the stock. Needham & Company LLC decreased their price objective on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. The Goldman Sachs Group started coverage on Penguin Solutions in a report on Friday, November 1st. They set a “buy” rating and a $21.00 price objective for the company. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Finally, Barclays dropped their price target on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $24.17.

Penguin Solutions Price Performance

The stock has a market capitalization of $980.54 million, a PE ratio of -18.40 and a beta of 1.74. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65. The stock’s 50 day moving average is $17.60.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.04). Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. The company had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. On average, equities research analysts predict that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Buying and Selling

In other Penguin Solutions news, COO Jack A. Pacheco sold 13,334 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $20.05, for a total value of $267,346.70. Following the transaction, the chief operating officer now directly owns 235,960 shares in the company, valued at $4,730,998. The trade was a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.50, for a total transaction of $39,620.00. Following the sale, the insider now directly owns 95,999 shares of the company’s stock, valued at $1,679,982.50. The trade was a 2.30 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

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.