Insider Selling: Penguin Solutions (NASDAQ:PENG) Director Sells 7,107 Shares of Stock

Penguin Solutions, Inc. (NASDAQ:PENG) Director Sandeep Nayyar sold 7,107 shares of the business’s 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 sale, the director owned 25,417 shares in the company, valued at $1,105,131.16. This represents a 21.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Sandeep Nayyar also recently made the following trade(s):

• On Monday, May 11th, Sandeep Nayyar sold 12,893 shares of Penguin Solutions stock. The shares were sold at an average price of $45.09, for a total transaction of $581,345.37.

Penguin Solutions Trading Up 9.4%

Shares of PENG stock traded up $4.14 during trading hours on Wednesday, reaching $48.27. 9,070,584 shares of the stock traded hands, compared to its average volume of 1,687,478. Penguin Solutions, Inc. has a 1-year low of $16.04 and a 1-year high of $53.27. The business has a fifty day moving average price of $23.98 and a 200 day moving average price of $21.49. 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 firm has a market capitalization of $2.45 billion, a PE ratio of 67.04 and a beta of 2.66.

Penguin Solutions (NASDAQ:PENG) last released its quarterly 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. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The business had revenue of $343.00 million for the quarter, compared to analyst estimates of $339.00 million. On average, equities research analysts forecast that Penguin Solutions, Inc. will post 1.66 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on PENG shares. Stifel Nicolaus dropped their price objective on shares of Penguin Solutions from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. The Goldman Sachs Group started coverage on shares of Penguin Solutions in a research note on Tuesday, January 13th. They issued a “buy” rating and a $25.00 price objective on the stock. Wall Street Zen lowered shares of Penguin Solutions from a “buy” rating to a “hold” rating in a research note on Saturday. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Finally, Weiss Ratings upgraded shares of Penguin Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, April 6th. 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. Based on data from MarketBeat.com, Penguin Solutions currently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Institutional Trading of Penguin Solutions

Several large investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its position in Penguin Solutions by 41.4% in the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after acquiring an additional 525 shares in the last quarter. Osaic Holdings Inc. grew its position in Penguin Solutions by 20.8% in the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after acquiring an additional 617 shares in the last quarter. Covestor Ltd grew its position in Penguin Solutions by 4.7% in the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after acquiring an additional 695 shares in the last quarter. M&T Bank Corp grew its position in Penguin Solutions by 7.0% in the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after acquiring an additional 706 shares in the last quarter. Finally, Optimize Financial Inc grew its position in Penguin Solutions by 1.5% in the fourth quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock worth $1,102,000 after acquiring an additional 808 shares in the last quarter.

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.