Penguin Solutions (NASDAQ:PENG) Stock Price Down 11.7% – Time to Sell?

Penguin Solutions, Inc. (NASDAQ:PENG) fell 11.7% during trading on Friday . The stock traded as low as $62.96 and last traded at $62.8670. 539,461 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,905,671 shares. The stock had previously closed at $71.16.

Analyst Ratings Changes

A number of equities analysts have recently commented on PENG shares. Needham & Company LLC raised their price objective 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. Zacks Research cut shares of Penguin Solutions from a “strong-buy” rating to a “hold” rating in a research note on Monday. Rosenblatt Securities boosted their price target on shares of Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Weiss Ratings downgraded Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. Finally, Barclays cut Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.88.

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 business’s 50-day simple moving average is $36.41 and its 200 day simple moving average is $25.46. The firm has a market capitalization of $3.08 billion, a P/E ratio of 84.32 and a beta of 2.89.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 earnings per share for the quarter, topping 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 firm had revenue of $343.00 million during the quarter, compared to analyst estimates of $339.00 million. Sell-side analysts forecast that Penguin Solutions, Inc. will post 1.79 earnings per share for the current year.

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, Director Maximiliane C. Straub sold 8,000 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $2,653,875. The trade was a 11.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sandeep Nayyar sold 12,893 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $45.09, for a total transaction of $581,345.37. Following the sale, the director owned 32,524 shares of the company’s stock, valued at approximately $1,466,507.16. The trade was a 28.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 83,120 shares of company stock worth $3,300,214 in the last 90 days. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Penguin Solutions

Several institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada purchased a new stake in shares of Penguin Solutions during the first quarter valued at approximately $7,250,000. Amundi bought a new stake in Penguin Solutions during the 1st quarter valued at $373,000. AQR Capital Management LLC bought a new stake in Penguin Solutions during the 1st quarter valued at $1,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Penguin Solutions during the 1st quarter valued at $538,000. Finally, Goldman Sachs Group Inc. purchased a new stake in Penguin Solutions during the 1st quarter valued at $3,259,000.

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.