Penguin Solutions (NASDAQ:PENG) Share Price Breaks Above Fifty Day Moving Average After Insider Selling

Penguin Solutions, Inc. (NASDAQ:PENG)’s stock price passed above its fifty day moving average during trading on Tuesday after an insider bought additional shares in the company. The stock has a fifty day moving average of $56.02 and traded as high as $59.59. Penguin Solutions shares last traded at $58.99, with a volume of 2,429,385 shares changing hands.

Analysts Set New Price Targets

PENG has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft set a $100.00 target price on shares of Penguin Solutions in a report on Friday, October 9th. Citigroup reiterated an “outperform” rating on shares of Penguin Solutions in a research report on Wednesday, July 8th. The Goldman Sachs Group reiterated a “buy” rating and set a $85.00 price target on shares of Penguin Solutions in a research note on Wednesday, October 7th. Stifel Nicolaus boosted their price objective on shares of Penguin Solutions from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 7th. Finally, Citizens Jmp upped their price objective on Penguin Solutions from $65.00 to $85.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

Penguin Solutions Stock Performance

The stock has a 50-day moving average price of $56.02 and a two-hundred day moving average price of $43.31.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Tuesday, October 6th. The company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.23. The firm had revenue of $566.68 million during the quarter, compared to analysts’ expectations of $520.99 million. During the same period in the prior year, the company posted $0.11 earnings per share. Penguin Solutions has set its FY 2027 guidance at 3.750-5.15 EPS. As a group, sell-side analysts predict that Penguin Solutions, Inc. will post 4.05 earnings per share for the current year.

Hedge Funds Weigh In On Penguin Solutions

A number of hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in shares of Penguin Solutions during the 2nd quarter valued at $26,000. Allworth Financial LP purchased a new position in shares of Penguin Solutions during the 2nd quarter valued at $37,000. Nykredit A S purchased a new position in shares of Penguin Solutions during the 2nd quarter valued at $42,000. Polaris Financial Partners bought a new position in Penguin Solutions in the 3rd quarter worth $50,000. Finally, Signaturefd LLC boosted its holdings in Penguin Solutions by 25.3% in the 3rd quarter. Signaturefd LLC now owns 1,081 shares of the company’s stock worth $59,000 after buying an additional 218 shares during the period.

About Penguin Solutions

Penguin Solutions, Inc provides technology products and services for data center, cloud, artificial intelligence, high-performance computing, edge computing and embedded applications. The company designs and delivers memory products, computing platforms and integrated infrastructure intended to help organizations manage demanding workloads and deploy specialized technology environments.

Its offerings include memory modules and other memory-related products, high-performance computing systems, servers, storage and networking solutions, and software and services for infrastructure management.