Penguin Solutions (NASDAQ:PENG) Stock Price Crosses Above Fifty Day Moving Average After Insider Selling

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price crossed above its 50 day moving average during trading on Tuesday following insider buying activity. The stock has a 50 day moving average of $56.02 and traded as high as $59.59. Penguin Solutions shares last traded at $58.99, with a volume of 2,429,385 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PENG shares. Needham & Company LLC upped their price objective on Penguin Solutions from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 7th. Bank of America began coverage on Penguin Solutions in a research report on Friday, October 9th. They set a “buy” rating and a $100.00 target price for the company. Citigroup reissued an “outperform” rating on shares of Penguin Solutions in a research note on Wednesday, July 8th. Stifel Nicolaus boosted their price target on Penguin Solutions from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 7th. Finally, Citizens Jmp upped their price target on Penguin Solutions from $65.00 to $85.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.50.

Penguin Solutions Stock Performance

The company’s 50 day moving average is $56.02 and its two-hundred day moving average is $43.31.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings results on Tuesday, October 6th. The company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.77 by $0.23. The company had revenue of $566.68 million during the quarter, compared to analysts’ expectations of $520.99 million. During the same quarter in the previous year, the firm earned $0.11 EPS. Penguin Solutions has set its FY 2027 guidance at 3.750-5.15 EPS. As a group, equities analysts predict that Penguin Solutions, Inc. will post 4.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC lifted its holdings in Penguin Solutions by 25.3% during the 3rd quarter. Signaturefd LLC now owns 1,081 shares of the company’s stock valued at $59,000 after buying an additional 218 shares in the last quarter. Global Retirement Partners LLC bought a new position in Penguin Solutions in the 2nd quarter worth about $26,000. GAMMA Investing LLC grew its stake in Penguin Solutions by 9.1% in the 3rd quarter. GAMMA Investing LLC now owns 5,527 shares of the company’s stock worth $302,000 after acquiring an additional 462 shares in the last quarter. Allworth Financial LP bought a new position in Penguin Solutions in the 2nd quarter worth about $37,000. Finally, Yousif Capital Management LLC increased its position in shares of Penguin Solutions by 4.4% during the third quarter. Yousif Capital Management LLC now owns 12,935 shares of the company’s stock worth $707,000 after acquiring an additional 546 shares during the period.

About Penguin Solutions

Penguin Solutions, Inc provides technology products and services for data center, cloud, artificial intelligence, high-performance computing, edge computing and embedded applications. The company designs and delivers memory products, computing platforms and integrated infrastructure intended to help organizations manage demanding workloads and deploy specialized technology environments.

Its offerings include memory modules and other memory-related products, high-performance computing systems, servers, storage and networking solutions, and software and services for infrastructure management.