Penguin Solutions (NASDAQ:PENG) Stock Price Up 13.2% – Should You Buy?

Penguin Solutions, Inc. (NASDAQ:PENG) was up 13.2% during mid-day trading on Monday . The stock traded as high as $68.25 and last traded at $69.56. 387,141 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,106,493 shares. The stock had previously closed at $61.47.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PENG shares. Rosenblatt Securities upped their price objective on shares of Penguin Solutions from $54.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Barclays cut shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Weiss Ratings lowered Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Zacks Research raised Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. Finally, Stifel Nicolaus increased their price target on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.88.

Penguin Solutions Trading Up 12.5%

The stock has a market cap of $3.51 billion, a PE ratio of 95.79 and a beta of 2.83. The firm has a 50-day simple moving average of $54.16 and a 200-day simple moving average of $32.03. The company has a quick ratio of 1.55, a current ratio of 2.10 and a debt-to-equity ratio of 1.09.

Insider Activity

In related news, Director Maximiliane C. Straub sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the sale, the director owned 58,975 shares of the company’s stock, valued at approximately $2,653,875. This represents a 11.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total transaction of $217,800.00. Following the completion of the sale, the senior vice president owned 124,794 shares in the company, valued at $6,795,033.30. This 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. Insiders sold a total of 83,120 shares of company stock worth $3,486,734 in the last three months. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Penguin Solutions

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its position 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 buying an additional 946 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Penguin Solutions in the 4th quarter worth about $29,000. Raymond James Financial Inc. bought a new position in Penguin Solutions in the 2nd quarter worth about $37,000. Allworth Financial LP raised its holdings in shares of Penguin Solutions by 41.4% in the 3rd quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock valued at $47,000 after acquiring an additional 525 shares in the last quarter. Finally, Torren Management LLC purchased a new stake in shares of Penguin Solutions in the 4th quarter valued at about $48,000.

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.