Penguin Solutions (NASDAQ:PENG) Hits New 1-Year High – Time to Buy?

Penguin Solutions, Inc. (NASDAQ:PENG)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $53.40 and last traded at $53.0590, with a volume of 1560184 shares. The stock had previously closed at $48.81.

Analysts Set New Price Targets

PENG has been the topic of several research reports. Wall Street Zen upgraded Penguin Solutions from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 target price on shares of Penguin Solutions in a report on Monday, March 30th. Needham & Company LLC boosted their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Barclays downgraded Penguin Solutions from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $23.00 to $27.00 in a report on Wednesday, April 22nd. Finally, Weiss Ratings downgraded Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.25.

Penguin Solutions Stock Performance

The stock has a fifty day simple moving average of $27.99 and a 200-day simple moving average of $22.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10. The stock has a market cap of $2.70 billion, a P/E ratio of 73.95 and a beta of 2.66.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 EPS 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 company had revenue of $343.00 million during the quarter, compared to the consensus estimate of $339.00 million. On average, equities analysts expect that Penguin Solutions, Inc. will post 1.66 earnings per share for the current year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, SVP Joseph Gates Clark sold 12,546 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $22.55, for a total value of $282,912.30. Following the transaction, the senior vice president directly owned 99,726 shares of the company’s stock, valued at $2,248,821.30. This represents a 11.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.75, for a total transaction of $71,000.00. Following the completion of 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 SEC filing for this sale provides additional information. Insiders sold 68,769 shares of company stock valued at $2,473,051 in the last 90 days. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PENG. Royal Bank of Canada bought a new position in shares of Penguin Solutions during the first quarter worth approximately $7,250,000. Amundi bought a new position in shares of Penguin Solutions during the first quarter worth approximately $373,000. AQR Capital Management LLC bought a new position in shares of Penguin Solutions during the first quarter worth approximately $1,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Penguin Solutions during the first quarter worth approximately $538,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Penguin Solutions during the first quarter worth approximately $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.