Penguin Solutions (NASDAQ:PENG) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Penguin Solutions (NASDAQ:PENG) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks reports.

PENG has been the topic of several other reports. Needham & Company LLC increased their price objective on Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Barclays lowered Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 target price for the company. in a research note on Monday, July 20th. Stifel Nicolaus increased their price target on shares of Penguin Solutions from $66.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Wall Street Zen cut shares of Penguin Solutions from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 26th. Finally, Citizens Jmp lifted their price target on shares of Penguin Solutions from $65.00 to $85.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 8th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Penguin Solutions has a consensus rating of “Moderate Buy” and a consensus price target of $63.33.

Penguin Solutions Stock Down 0.9%

Shares of NASDAQ:PENG opened at $51.30 on Monday. Penguin Solutions has a 52-week low of $16.04 and a 52-week high of $89.86. The firm has a fifty day moving average of $58.07 and a 200 day moving average of $44.63. The firm has a market capitalization of $2.63 billion, a PE ratio of 36.38 and a beta of 2.86. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.10 and a current ratio of 1.54.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.21. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The business had revenue of $478.71 million for the quarter, compared to analysts’ expectations of $407.47 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. As a group, research analysts anticipate that Penguin Solutions will post 2.08 EPS for the current fiscal year.

Insider Activity

In other news, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the sale, the senior vice president owned 120,794 shares of the company’s stock, valued at approximately $7,776,717.72. The trade was a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Clark sold 1,327 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total value of $76,262.69. Following the sale, the senior vice president owned 63,056 shares of the company’s stock, valued at $3,623,828.32. This represents a 2.06% 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. In the last quarter, insiders sold 9,327 shares of company stock worth $536,103. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

Large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Penguin Solutions in the second quarter valued at approximately $581,658,000. California State Teachers Retirement System grew its holdings in shares of Penguin Solutions by 5,256.9% in the second quarter. California State Teachers Retirement System now owns 3,995,162 shares of the company’s stock worth $303,672,000 after purchasing an additional 3,920,582 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Penguin Solutions in the third quarter worth approximately $60,264,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Penguin Solutions in the second quarter worth $150,192,000. Finally, Invesco Ltd. increased its stake in shares of Penguin Solutions by 596.8% in 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 during the period.

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.