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

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $59.86, but opened at $64.00. Penguin Solutions shares last traded at $63.3970, with a volume of 598,509 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wall Street Zen raised Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Needham & Company LLC upped their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Barclays downgraded Penguin Solutions from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Zacks Research downgraded Penguin Solutions from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Finally, Stifel Nicolaus upped their price objective on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Penguin Solutions currently has an average rating of “Moderate Buy” and a consensus price target of $36.88.

Penguin Solutions Stock Performance

The stock’s fifty day moving average is $37.24 and its two-hundred day moving average is $25.75. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 91.13 and a beta of 2.89. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10.

Penguin Solutions (NASDAQ:PENG) last posted its earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%.The firm had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $339.00 million. On average, analysts expect that Penguin Solutions, Inc. will post 1.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Anne Kuykendall sold 4,000 shares of Penguin Solutions stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total transaction of $217,800.00. Following the transaction, the senior vice president directly owned 124,794 shares in the company, valued at approximately $6,795,033.30. This trade represents a 3.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 10,351 shares of Penguin Solutions stock in a transaction on Monday, June 1st. The shares were sold at an average price of $58.87, for a total value of $609,363.37. Following the transaction, the senior vice president owned 66,425 shares in the company, valued at approximately $3,910,439.75. This trade represents a 13.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 83,120 shares of company stock valued at $3,300,214 in the last quarter. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Penguin Solutions

Hedge funds have recently modified their holdings of the company. Allworth Financial LP boosted its stake in shares of Penguin Solutions by 41.4% during the 3rd quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after acquiring an additional 525 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of Penguin Solutions by 20.8% in the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after buying an additional 617 shares during the period. Covestor Ltd boosted its position in Penguin Solutions by 4.7% during the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock valued at $304,000 after purchasing an additional 695 shares during the last quarter. M&T Bank Corp raised its holdings in Penguin Solutions by 7.0% during the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock valued at $212,000 after buying an additional 706 shares in the last quarter. Finally, Optimize Financial Inc raised its holdings in Penguin Solutions by 1.5% during the fourth quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock valued at $1,102,000 after buying an additional 808 shares in the last quarter.

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.