Penguin Solutions (NASDAQ:PENG) Trading 9% Higher – Here’s What Happened

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price shot up 9% during trading on Tuesday . The stock traded as high as $73.87 and last traded at $74.0530. Approximately 1,806,582 shares changed hands during trading, a decline of 13% from the average daily volume of 2,080,466 shares. The stock had previously closed at $67.94.

Analysts Set New Price Targets

PENG has been the topic of several research reports. Wall Street Zen upgraded shares of Penguin Solutions from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. Stifel Nicolaus upped their price target on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Rosenblatt Securities lifted their price objective on Penguin Solutions from $54.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings cut Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. Finally, Zacks Research lowered Penguin Solutions from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Penguin Solutions has an average rating of “Moderate Buy” and a consensus price target of $36.88.

Penguin Solutions Stock Up 9.4%

The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 102.99 and a beta of 2.88. The firm has a fifty day moving average price of $51.01 and a 200 day moving average price of $30.74. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $343.00 million for the quarter, compared to analyst estimates of $339.00 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%. Sell-side analysts anticipate that Penguin Solutions, Inc. will post 1.79 EPS for the current fiscal year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, Director Maximiliane C. Straub sold 8,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the sale, the director owned 58,975 shares of the company’s stock, valued at $2,653,875. This represents a 11.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total transaction of $217,800.00. Following the completion of the transaction, the senior vice president directly owned 124,794 shares of the company’s stock, valued at approximately $6,795,033.30. This represents a 3.11% 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 worth $3,486,734 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Penguin Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. William Blair Investment Management LLC acquired a new stake in shares of Penguin Solutions during the 4th quarter worth approximately $18,290,000. Fisher Asset Management LLC acquired a new position in Penguin Solutions in the fourth quarter valued at approximately $716,000. State of Alaska Department of Revenue boosted its stake in Penguin Solutions by 98.3% in the fourth quarter. State of Alaska Department of Revenue now owns 47,576 shares of the company’s stock valued at $930,000 after acquiring an additional 23,582 shares during the last quarter. Kennedy Capital Management LLC grew its holdings in Penguin Solutions by 31.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 992,168 shares of the company’s stock worth $26,074,000 after acquiring an additional 240,159 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Penguin Solutions during the 3rd quarter valued at $3,077,000.

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.