Penguin Solutions (NASDAQ:PENG) Shares Up 2.3% – What’s Next?

Penguin Solutions (NASDAQ:PENG)’s stock price shot up 2.3% during mid-day trading on Monday . The company traded as high as $18.74 and last traded at $18.56. 114,859 shares traded hands during trading, a decline of 89% from the average session volume of 1,039,517 shares. The stock had previously closed at $18.14.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PENG. The Goldman Sachs Group began coverage on Penguin Solutions in a research report on Friday, November 1st. They set a “buy” rating and a $21.00 price objective for the company. Citizens Jmp raised Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. JMP Securities assumed coverage on Penguin Solutions in a report on Monday, November 18th. They issued an “outperform” rating and a $23.00 price target for the company. Barclays reduced their price objective on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, Needham & Company LLC reduced their price objective on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Penguin Solutions has a consensus rating of “Buy” and a consensus price target of $23.60.

Penguin Solutions Price Performance

The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -19.66 and a beta of 1.74. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. The firm had revenue of $311.15 million during the quarter, compared to analysts’ expectations of $325.00 million. As a group, sell-side analysts forecast that Penguin Solutions will post 1.33 EPS for the current year.

Insider Buying and Selling

In other news, 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 value of $39,620.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is currently owned by company insiders.

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.