Penguin Solutions (NASDAQ:PENG) Announces Earnings Results

Penguin Solutions (NASDAQ:PENG) announced its quarterly earnings data on Tuesday. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.28, FiscalAI reports. The business had revenue of $478.71 million for the quarter, compared to analysts’ expectations of $407.47 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%.

Penguin Solutions Stock Down 7.4%

NASDAQ PENG traded down $5.00 on Tuesday, hitting $62.71. 6,938,232 shares of the stock were exchanged, compared to its average volume of 2,153,778. 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 moving average price of $54.96 and a 200-day moving average price of $32.37. The company has a market cap of $3.18 billion, a PE ratio of 87.10 and a beta of 2.83. Penguin Solutions has a fifty-two week low of $16.04 and a fifty-two week high of $77.40.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Needham & Company LLC raised their price objective on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Zacks Research upgraded shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Stifel Nicolaus lifted their price objective on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Finally, Weiss Ratings downgraded Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Penguin Solutions presently has an average rating of “Moderate Buy” and an average price target of $38.12.

Insider Activity at Penguin Solutions

In other news, Director Sandeep Nayyar sold 12,893 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $45.09, for a total value of $581,345.37. Following the completion of the sale, the director directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Anne Kuykendall sold 4,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $54.45, for a total value of $217,800.00. Following the completion of the sale, the senior vice president directly owned 124,794 shares of the company’s stock, valued at approximately $6,795,033.30. This trade represents a 3.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 83,120 shares of company stock valued at $3,486,734. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

Several institutional investors and hedge funds have recently added to or reduced their stakes in PENG. Kestra Advisory Services LLC acquired a new position in Penguin Solutions in the 4th quarter valued at about $29,000. Raymond James Financial Inc. acquired a new position in shares of Penguin Solutions during the 2nd quarter valued at about $37,000. Advisory Services Network LLC acquired a new position in shares of Penguin Solutions during the 3rd quarter valued at about $50,000. Osaic Holdings Inc. lifted its holdings in shares of Penguin Solutions by 20.8% during the 2nd quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after acquiring an additional 617 shares during the period. Finally, Globeflex Capital L P acquired a new stake in shares of Penguin Solutions in the second quarter worth approximately $105,000.

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.