Penguin Solutions (NASDAQ:PENG) Hits New 52-Week High – Here’s What Happened

Penguin Solutions, Inc. (NASDAQ:PENG) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $46.75 and last traded at $44.6950, with a volume of 478948 shares trading hands. The stock had previously closed at $44.23.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PENG shares. Stifel Nicolaus dropped their price objective on shares of Penguin Solutions from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. The Goldman Sachs Group started coverage on shares of Penguin Solutions in a research note on Tuesday, January 13th. They set a “buy” rating and a $25.00 price objective on the stock. Weiss Ratings upgraded shares of Penguin Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, April 6th. Zacks Research upgraded shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Penguin Solutions in a research note on Monday, March 30th. One 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.25.

Penguin Solutions Stock Up 1.1%

The company’s 50 day moving average price is $22.58 and its 200 day moving average price is $21.02. 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 firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 62.31 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 the consensus estimate of $0.43 by $0.09. The business had revenue of $343.00 million during the quarter, compared to the consensus estimate of $339.00 million. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. As a group, research analysts forecast that Penguin Solutions, Inc. will post 1.66 earnings per share for the current fiscal year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $17.75, for a total value of $71,000.00. Following the sale, the senior vice president directly owned 131,352 shares of the company’s stock, valued at approximately $2,331,498. This represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Joseph Gates Clark sold 5,000 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $29.75, for a total transaction of $148,750.00. Following the completion of the sale, the senior vice president directly owned 86,776 shares in the company, valued at approximately $2,581,586. This represents a 5.45% 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 ninety days, insiders have sold 30,115 shares of company stock worth $723,997. 2.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Penguin Solutions

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Penguin Solutions by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 6,592,564 shares of the company’s stock valued at $173,253,000 after buying an additional 25,804 shares in the last quarter. State Street Corp grew its holdings in shares of Penguin Solutions by 3.2% during the fourth quarter. State Street Corp now owns 2,957,938 shares of the company’s stock worth $57,857,000 after buying an additional 91,805 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Penguin Solutions by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock worth $46,726,000 after buying an additional 95,585 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Penguin Solutions by 596.8% during the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock worth $38,972,000 after buying an additional 1,706,482 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Penguin Solutions by 35.3% during the third quarter. American Century Companies Inc. now owns 1,294,279 shares of the company’s stock worth $34,014,000 after buying an additional 337,564 shares in the last quarter.

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.