Penguin Solutions (NASDAQ:PENG) Reaches New 52-Week High – Still a Buy?

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $75.64 and last traded at $73.4940, with a volume of 227491 shares traded. The stock had previously closed at $67.15.

Analyst Ratings Changes

PENG has been the subject of several recent research reports. Weiss Ratings downgraded shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. Rosenblatt Securities lifted their price objective on shares of Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. 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 increased their target price on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Barclays lowered Penguin Solutions from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $23.00 to $27.00 in a report on Wednesday, April 22nd. Six 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 has a consensus rating of “Moderate Buy” and an average target price of $36.88.

Penguin Solutions Trading Up 5.8%

The company’s fifty day moving average is $46.05 and its 200-day moving average is $28.86. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $3.61 billion, a P/E ratio of 100.36 and a beta of 2.88.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Wednesday, April 1st. The company reported $0.52 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 firm had revenue of $343.00 million for the quarter, compared to the consensus estimate of $339.00 million. As a group, sell-side analysts anticipate that Penguin Solutions, Inc. will post 1.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Joseph Gates Clark sold 12,546 shares of the business’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $22.55, for a total transaction of $282,912.30. Following the completion of the transaction, the senior vice president owned 99,726 shares of the company’s stock, valued at approximately $2,248,821.30. The trade was a 11.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the sale, the director directly owned 58,975 shares in the company, valued at $2,653,875. This trade represents a 11.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 83,120 shares of company stock valued at $3,486,734. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

A number of institutional investors and hedge funds have recently bought and sold shares of PENG. Dimensional Fund Advisors LP acquired a new stake in Penguin Solutions in the 3rd quarter worth $60,264,000. Invesco Ltd. raised its position in shares of Penguin Solutions by 596.8% during the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after buying an additional 1,706,482 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Penguin Solutions in the fourth quarter valued at about $18,290,000. Ophir Asset Management Pty Ltd grew its position in Penguin Solutions by 234.3% during the fourth quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock worth $23,699,000 after buying an additional 849,178 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY increased its stake in Penguin Solutions by 73.8% during the first quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock valued at $28,250,000 after acquiring an additional 681,700 shares during the period.

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.