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

Penguin Solutions, Inc. (NASDAQ:PENG) shares gapped down before the market opened on Tuesday . The stock had previously closed at $67.71, but opened at $62.96. Penguin Solutions shares last traded at $61.9170, with a volume of 516,440 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 30th. Weiss Ratings downgraded shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Wall Street Zen raised shares of Penguin Solutions from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Finally, Stifel Nicolaus boosted their price target on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.12.

Penguin Solutions Stock Performance

The stock’s 50-day moving average is $54.96 and its 200-day moving average is $32.37. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 87.32 and a beta of 2.83. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09.

Insider Buying and Selling

In other Penguin Solutions news, SVP Joseph Gates Clark sold 10,351 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $58.87, for a total value of $609,363.37. Following the completion of the sale, the senior vice president owned 66,425 shares of the company’s stock, valued at $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 is available through the SEC website. 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 that occurred on Monday, June 15th. The shares were sold at an average price of $64.38, for a total transaction of $257,520.00. Following the completion of the sale, the senior vice president directly owned 120,794 shares of the company’s stock, valued at $7,776,717.72. This trade represents a 3.21% 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. Insiders have sold a total of 83,120 shares of company stock worth $3,486,734 in the last ninety days. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Penguin Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its position in Penguin Solutions by 187.0% in the 4th quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after buying an additional 946 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Penguin Solutions during the fourth quarter worth about $29,000. Raymond James Financial Inc. purchased a new stake in shares of Penguin Solutions during the second quarter worth about $37,000. Allworth Financial LP lifted its stake in shares of Penguin Solutions by 41.4% in 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 in the last quarter. Finally, Torren Management LLC acquired a new position in shares of Penguin Solutions in the fourth quarter worth about $48,000.

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.