Penguin Solutions (NASDAQ:PENG) Stock Price Up 9% on Analyst Upgrade

Penguin Solutions, Inc. (NASDAQ:PENG) traded up 9% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $73.87 and last traded at $74.0530. Approximately 1,806,582 shares were traded during trading, a decline of 13% from the average daily volume of 2,080,466 shares. The stock had previously closed at $67.94.

A number of other equities research analysts have also recently weighed in on PENG. Stifel Nicolaus upped their price objective on Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Rosenblatt Securities lifted their target price on Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Penguin Solutions from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. Finally, Needham & Company LLC lifted their price objective on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Penguin Solutions has a consensus rating of “Moderate Buy” and an average price target of $36.88.

Insiders Place Their Bets

In other news, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $64.38, for a total transaction of $257,520.00. Following the sale, the senior vice president owned 120,794 shares in the company, valued at approximately $7,776,717.72. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 Sandeep Nayyar sold 7,107 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $43.48, for a total transaction of $309,012.36. Following the completion of the transaction, the director directly owned 25,417 shares of the company’s stock, valued at $1,105,131.16. The trade was a 21.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 83,120 shares of company stock worth $3,486,734 over the last ninety days. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Penguin Solutions

Large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its position in Penguin Solutions by 187.0% during the 4th quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock worth $28,000 after buying an additional 946 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Penguin Solutions during the 4th quarter valued at approximately $29,000. Allworth Financial LP boosted its holdings in shares of Penguin Solutions by 41.4% in the 3rd quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock valued at $47,000 after acquiring an additional 525 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Penguin Solutions in the 2nd quarter valued at $37,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Penguin Solutions in the third quarter worth $50,000.

Penguin Solutions Price Performance

The company has a quick ratio of 1.55, a current ratio of 2.10 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $52.81 and its two-hundred day moving average price is $31.45. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 84.37 and a beta of 2.82.

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

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.