Penguin Solutions (NASDAQ:PENG) Posts Earnings Results, Beats Estimates By $0.28 EPS

Penguin Solutions (NASDAQ:PENG) posted its earnings results on Tuesday. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.28, FiscalAI reports. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The business had revenue of $478.71 million for the quarter, compared to analyst estimates of $407.47 million.

Penguin Solutions Trading Down 7.4%

NASDAQ:PENG traded down $5.00 during mid-day trading on Tuesday, hitting $62.71. The company had a trading volume of 6,938,232 shares, compared to its average volume of 2,153,778. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10. The firm has a market cap of $3.18 billion, a P/E ratio of 87.10 and a beta of 2.83. The business’s fifty day moving average is $54.96 and its two-hundred day moving average is $32.37. Penguin Solutions has a fifty-two week low of $16.04 and a fifty-two week high of $77.40.

Analyst Upgrades and Downgrades

PENG has been the subject of several research analyst 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. Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Needham & Company LLC raised their price target 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. Wall Street Zen upgraded Penguin Solutions from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Finally, Rosenblatt Securities increased their price target on Penguin Solutions from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Penguin Solutions has a consensus rating of “Moderate Buy” and an average target price of $38.12.

Insider Buying and Selling

In related news, Director Maximiliane C. Straub sold 8,000 shares of the company’s 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Anne Kuykendall sold 4,000 shares of the 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 sale, the senior vice president owned 124,794 shares in the company, valued at $6,795,033.30. The trade was 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 sold 83,120 shares of company stock worth $3,486,734 in the last ninety days. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penguin Solutions

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mariner LLC acquired a new stake in Penguin Solutions in the third quarter valued at about $265,000. Campbell & CO Investment Adviser LLC bought a new position in shares of Penguin Solutions in the fourth quarter worth about $215,000. Prudential Financial Inc. acquired a new stake in shares of Penguin Solutions in the 2nd quarter valued at approximately $214,000. Graham Capital Management L.P. acquired a new stake in shares of Penguin Solutions in the 4th quarter valued at approximately $213,000. Finally, Man Group plc bought a new stake in shares of Penguin Solutions during the 2nd quarter valued at approximately $204,000.

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.