Penguin Solutions (NASDAQ:PENG) Stock Price Up 9% – What’s Next?

Penguin Solutions, Inc. (NASDAQ:PENG) was up 9% during mid-day trading on Friday. The company traded as high as $60.07 and last traded at $59.9320. Approximately 370,380 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,274,378 shares. The stock had previously closed at $54.98.

Wall Street Analysts Forecast Growth

PENG has been the topic of several research analyst reports. Barclays lowered Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price target on the stock. in a research report on Monday, July 20th. Wall Street Zen lowered shares of Penguin Solutions from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 26th. Citigroup reiterated an “outperform” rating on shares of Penguin Solutions in a research report on Wednesday, July 8th. Weiss Ratings upgraded shares of Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $80.00 price target on shares of Penguin Solutions in a research note on Friday. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Penguin Solutions has an average rating of “Moderate Buy” and an average price target of $64.17.

Penguin Solutions Stock Up 10.3%

The firm has a 50 day simple moving average of $53.08 and a two-hundred day simple moving average of $48.63. The company has a market capitalization of $3.11 billion, a PE ratio of 42.70 and a beta of 2.86. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings results on Tuesday, July 7th. The company reported $0.84 EPS 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 business had revenue of $478.71 million during the quarter, compared to analysts’ expectations of $407.47 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. Research analysts expect that Penguin Solutions, Inc. will post 2.08 EPS for the current year.

Insider Buying and Selling at Penguin Solutions

In related news, SVP Joseph Clark sold 1,327 shares of the firm’s 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 stock was sold at an average price of $50.58, for a total value of $202,320.00. Following the transaction, the senior vice president owned 112,994 shares in the company, valued at $5,715,236.52. The trade was a 3.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Penguin Solutions

Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Penguin Solutions in the second quarter worth $581,658,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Penguin Solutions in the 2nd quarter valued at about $150,192,000. Paradigm Capital Management Inc. NY increased its holdings in shares of Penguin Solutions by 73.8% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock valued at $28,250,000 after purchasing an additional 681,700 shares in the last quarter. Kennedy Capital Management LLC boosted its holdings in Penguin Solutions by 11.7% during the fourth quarter. Kennedy Capital Management LLC now owns 1,108,336 shares of the company’s stock worth $21,679,000 after buying an additional 116,168 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new position in Penguin Solutions during the second quarter worth about $34,207,000.

Penguin Solutions Company Profile

Penguin Solutions, Inc provides intelligent infrastructure solutions for artificial intelligence, high-performance computing, enterprise data centers and other demanding technology environments. The company combines specialized hardware, software and professional services to help organizations design, deploy and manage complex computing infrastructure.

Its offerings include AI and high-performance computing systems, servers, storage and networking infrastructure, as well as software and services for infrastructure management, optimization and support.