Penguin Solutions (NASDAQ:PENG) Stock Price Up 9.7% – What’s Next?

Shares of Penguin Solutions, Inc. (NASDAQ:PENG) were up 9.7% during trading on Thursday . The stock traded as high as $52.56 and last traded at $52.90. Approximately 599,131 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 2,323,735 shares. The stock had previously closed at $48.24.

Analyst Ratings Changes

PENG has been the subject of several research analyst reports. Needham & Company LLC raised their target price on Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Wall Street Zen downgraded shares of Penguin Solutions from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 26th. Stifel Nicolaus raised their price objective on shares of Penguin Solutions from $66.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Citizens Jmp lifted their price objective on shares of Penguin Solutions from $65.00 to $85.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings raised shares of Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $63.33.

Penguin Solutions Stock Performance

The stock has a market capitalization of $2.69 billion, a P/E ratio of 37.30 and a beta of 2.86. The company has a 50 day simple moving average of $55.92 and a 200-day simple moving average of $45.86. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.54 and a quick ratio of 1.10.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, July 7th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.21. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The company had revenue of $478.71 million during the quarter, compared to the consensus estimate of $407.47 million. During the same quarter in the prior year, the company earned $0.52 EPS. On average, equities analysts forecast that Penguin Solutions, Inc. will post 2.08 EPS for the current year.

Insider Transactions at Penguin Solutions

In other news, SVP Joseph Clark sold 1,327 shares of Penguin Solutions stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total value of $76,262.69. Following the completion of the transaction, the senior vice president owned 63,056 shares in the company, valued at $3,623,828.32. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $50.58, for a total transaction of $202,320.00. Following the completion of the sale, the senior vice president directly owned 112,994 shares in the company, valued at approximately $5,715,236.52. This trade represents a 3.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new stake in Penguin Solutions in the second quarter worth approximately $26,000. Allworth Financial LP purchased a new position in shares of Penguin Solutions during the second quarter worth approximately $37,000. Nykredit A S purchased a new position in shares of Penguin Solutions during the second quarter worth approximately $42,000. Covestor Ltd lifted its holdings in shares of Penguin Solutions by 4.7% in the 4th quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after acquiring an additional 695 shares during the last quarter. Finally, Optimize Financial Inc lifted its holdings in shares of Penguin Solutions by 1.5% in the 4th quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock worth $1,102,000 after acquiring an additional 808 shares during the last quarter.

Penguin Solutions Company Profile

Penguin Solutions, Inc (NASDAQ: PENG) provides technology solutions for data centers, high-performance computing, artificial intelligence, and intelligent edge applications. The company helps organizations design, deploy, and manage specialized computing environments, including systems used for demanding workloads such as scientific research, machine learning, and enterprise applications.

Its offerings include accelerated computing platforms, high-performance servers and clusters, software and services for managing complex computing infrastructure, and memory and storage products.