Insider Selling: Penguin Solutions (NASDAQ:PENG) SVP Sells $41,015.70 in Stock

Penguin Solutions, Inc. (NASDAQ:PENG) SVP Joseph Gates Clark sold 1,485 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $27.62, for a total transaction of $41,015.70. Following the transaction, the senior vice president owned 91,776 shares in the company, valued at approximately $2,534,853.12. The trade was a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing 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.

Joseph Gates Clark also recently made the following trade(s):

• On Friday, April 24th, Joseph Gates Clark sold 5,000 shares of Penguin Solutions stock. The stock was sold at an average price of $29.75, for a total transaction of $148,750.00.
• On Thursday, April 16th, Joseph Gates Clark sold 5,000 shares of Penguin Solutions stock. The stock was sold at an average price of $26.82, for a total transaction of $134,100.00.
• On Thursday, April 9th, Joseph Gates Clark sold 12,546 shares of Penguin Solutions stock. The stock was sold at an average price of $22.55, for a total transaction of $282,912.30.
• On Tuesday, February 10th, Joseph Gates Clark sold 1,346 shares of Penguin Solutions stock. The stock was sold at an average price of $19.03, for a total transaction of $25,614.38.

Penguin Solutions Stock Up 1.4%

Shares of Penguin Solutions stock opened at $28.51 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.10 and a quick ratio of 1.55. Penguin Solutions, Inc. has a 1 year low of $16.04 and a 1 year high of $31.30. The firm’s 50-day moving average is $21.24 and its two-hundred day moving average is $20.65. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 39.60 and a beta of 2.23.

Penguin Solutions (NASDAQ:PENG) last issued its earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The company had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $339.00 million. As a group, research analysts expect that Penguin Solutions, Inc. will post 1.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Barclays cut shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $23.00 to $27.00 in a report on Wednesday, April 22nd. Needham & Company LLC increased their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Rosenblatt Securities reissued a “buy” rating and set a $30.00 price target on shares of Penguin Solutions in a research report on Monday, March 30th. Stifel Nicolaus decreased their price target on shares of Penguin Solutions from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, April 2nd. Finally, Weiss Ratings raised shares of Penguin Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Penguin Solutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

Hedge Funds Weigh In On Penguin Solutions

Hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its position in shares of Penguin Solutions by 187.0% in the 4th quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after purchasing an additional 946 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Penguin Solutions in the 4th quarter valued at approximately $29,000. Raymond James Financial Inc. purchased a new position in shares of Penguin Solutions in the 2nd quarter valued at approximately $37,000. Strs Ohio purchased a new position in shares of Penguin Solutions in the 3rd quarter valued at approximately $42,000. Finally, Jones Financial Companies Lllp raised its position in shares of Penguin Solutions by 4,131.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,735 shares of the company’s stock valued at $45,000 after purchasing an additional 1,694 shares during 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.