Penguin Solutions (NASDAQ:PENG) Trading Down 0.1% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG)’s share price fell 0.1% on Tuesday . The stock traded as low as $19.28 and last traded at $19.59. 127,531 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,032,062 shares. The stock had previously closed at $19.61.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JMP Securities assumed coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a report on Thursday. Barclays cut their price target on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. The Goldman Sachs Group assumed coverage on Penguin Solutions in a research report on Friday, November 1st. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Needham & Company LLC reduced their price target on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $24.17.

Penguin Solutions Stock Down 3.2 %

The company has a market cap of $978.40 million, a PE ratio of -18.36 and a beta of 1.74. The stock’s 50 day moving average is $17.58. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65.

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

Insider Activity

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 the firm’s 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 owns 95,999 shares of the company’s stock, valued at approximately $1,679,982.50. This represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

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.