Penguin Solutions (NASDAQ:PENG) Shares Down 11.7% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

PENG has been the topic of a number of research reports. Stifel Nicolaus upped their price target on Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC upped their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. 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. Wall Street Zen upgraded shares of Penguin Solutions from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. Finally, Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.88.

Penguin Solutions Stock Performance

The firm has a market cap of $3.08 billion, a PE ratio of 84.32 and a beta of 2.89. 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 company has a 50-day simple moving average of $36.41 and a two-hundred day simple moving average of $25.46.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $343.00 million for the quarter, compared to analysts’ expectations of $339.00 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%. As a group, equities research analysts forecast that Penguin Solutions, Inc. will post 1.79 earnings per share for the current year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total value of $217,800.00. Following the sale, the senior vice president directly 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. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 3,000 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 51,975 shares in the company, valued at $2,546,775. This represents a 5.46% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 83,120 shares of company stock worth $3,300,214. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Penguin Solutions

Several institutional investors have recently added to or reduced their stakes in PENG. Farther Finance Advisors LLC increased its stake in shares of Penguin Solutions by 187.0% in the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock worth $28,000 after purchasing an additional 946 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Penguin Solutions in the 4th quarter valued at approximately $29,000. Raymond James Financial Inc. bought a new stake in Penguin Solutions during the 2nd quarter valued at $37,000. Strs Ohio purchased a new stake in shares of Penguin Solutions during the third quarter worth $42,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Penguin Solutions by 4,131.7% in the third quarter. Jones Financial Companies Lllp now owns 1,735 shares of the company’s stock worth $45,000 after acquiring 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.