Penguin Solutions (NASDAQ:PENG) Stock Price Down 4.1% – Here’s Why

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price was down 4.1% during mid-day trading on Monday . The stock traded as low as $19.68 and last traded at $19.8410. Approximately 329,917 shares changed hands during trading, a decline of 74% from the average daily volume of 1,284,798 shares. The stock had previously closed at $20.69.

Analyst Ratings Changes

Several research analysts have recently issued reports on PENG shares. Wall Street Zen upgraded shares of Penguin Solutions from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Needham & Company LLC boosted their price objective on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. 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 report on Thursday, April 2nd. Rosenblatt Securities restated a “buy” rating and set a $30.00 price objective on shares of Penguin Solutions in a report on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Penguin Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $27.29.

Penguin Solutions Stock Performance

The firm has a market cap of $1.12 billion, a P/E ratio of 30.67 and a beta of 2.23. The stock’s 50 day moving average is $18.81 and its two-hundred day moving average is $20.56. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.10 and a quick ratio of 1.86.

Penguin Solutions (NASDAQ:PENG) last posted its earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $339.00 million. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. As a group, equities analysts predict that Penguin Solutions, Inc. will post 1.05 EPS for the current year.

Insider Transactions at Penguin Solutions

In other news, SVP Anne Kuykendall sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $17.75, for a total transaction of $71,000.00. Following the transaction, the senior vice president directly owned 131,352 shares in the company, valued at approximately $2,331,498. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joseph Gates Clark sold 1,346 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $19.03, for a total transaction of $25,614.38. Following the transaction, the senior vice president owned 122,318 shares in the company, valued at $2,327,711.54. The trade was a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Penguin Solutions

Large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its holdings in Penguin Solutions by 187.0% in the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after buying an additional 946 shares during the period. Kestra Advisory Services LLC acquired a new position in Penguin Solutions in the fourth quarter valued at approximately $29,000. Raymond James Financial Inc. acquired a new position in Penguin Solutions in the second quarter valued at approximately $37,000. Strs Ohio acquired a new position in Penguin Solutions in the third quarter valued at approximately $42,000. Finally, Jones Financial Companies Lllp lifted its holdings in Penguin Solutions by 4,131.7% in the third quarter. Jones Financial Companies Lllp now owns 1,735 shares of the company’s stock valued at $45,000 after buying an additional 1,694 shares during the period.

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.