Penguin Solutions (NASDAQ:PENG) Shares Gap Down – What’s Next?

Shares of Penguin Solutions, Inc. (NASDAQ:PENG) gapped down before the market opened on Thursday . The stock had previously closed at $71.41, but opened at $65.54. Penguin Solutions shares last traded at $66.1390, with a volume of 601,560 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PENG shares. Needham & Company LLC lifted their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Zacks Research downgraded shares of Penguin Solutions from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. 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 research report on Sunday, May 17th. Finally, Stifel Nicolaus lifted their price target on shares of Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.88.

Penguin Solutions Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $37.24 and its two-hundred day moving average price is $25.70. The firm has a market capitalization of $3.04 billion, a PE ratio of 83.14 and a beta of 2.89.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 earnings per share 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 business had revenue of $343.00 million during the quarter, compared to analysts’ expectations of $339.00 million. On average, equities analysts expect that Penguin Solutions, Inc. will post 1.79 earnings per share for the current year.

Insider Activity

In related news, SVP Joseph Gates Clark sold 10,351 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $58.87, for a total transaction of $609,363.37. Following the sale, the senior vice president owned 66,425 shares in the company, valued at approximately $3,910,439.75. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 51,975 shares in the company, valued at approximately $2,546,775. This trade represents a 5.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 83,120 shares of company stock worth $3,300,214 in the last three months. 2.90% of the stock is owned by insiders.

Institutional Trading of Penguin Solutions

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its position in Penguin Solutions by 187.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock worth $28,000 after acquiring an additional 946 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Penguin Solutions during the fourth quarter worth approximately $29,000. Strs Ohio acquired a new stake in Penguin Solutions during the third quarter worth approximately $42,000. Jones Financial Companies Lllp boosted its position in Penguin Solutions by 4,131.7% during 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 last quarter. Finally, Allworth Financial LP boosted its position in Penguin Solutions by 41.4% during the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after acquiring an additional 525 shares during the last quarter.

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.