Penguin Solutions (NASDAQ:PENG) Sets New 1-Year High – Here’s Why

Penguin Solutions, Inc. (NASDAQ:PENG) hit a new 52-week high during trading on Monday . The company traded as high as $75.64 and last traded at $73.4940, with a volume of 227491 shares trading hands. The stock had previously closed at $67.15.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Zacks Research cut shares of Penguin Solutions from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Rosenblatt Securities lifted their price objective on Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC increased their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Weiss Ratings lowered Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. Finally, Barclays cut Penguin Solutions from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $23.00 to $27.00 in a report on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.88.

Penguin Solutions Trading Up 5.8%

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 business’s fifty day moving average is $46.05 and its two-hundred day moving average is $28.86. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 100.36 and a beta of 2.88.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. The company had revenue of $343.00 million during the quarter, compared to analysts’ expectations of $339.00 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%. Equities analysts anticipate that Penguin Solutions, Inc. will post 1.79 earnings per share for the current fiscal year.

Insider Transactions at Penguin Solutions

In other news, SVP Anne Kuykendall sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $64.38, for a total value of $257,520.00. Following the transaction, the senior vice president owned 120,794 shares of the company’s stock, valued at approximately $7,776,717.72. This trade represents a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 10,351 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $58.87, for a total transaction of $609,363.37. Following the sale, the senior vice president directly owned 66,425 shares of the company’s stock, valued at approximately $3,910,439.75. This trade represents a 13.48% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 83,120 shares of company stock valued at $3,486,734. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Penguin Solutions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PENG. Vanguard Group Inc. grew its position in shares of Penguin Solutions by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 6,592,564 shares of the company’s stock worth $173,253,000 after buying an additional 25,804 shares during the period. State Street Corp raised its position in shares of Penguin Solutions by 3.2% in the 4th quarter. State Street Corp now owns 2,957,938 shares of the company’s stock valued at $57,857,000 after acquiring an additional 91,805 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Penguin Solutions by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock valued at $46,726,000 after acquiring an additional 95,585 shares during the period. Invesco Ltd. boosted its stake in Penguin Solutions by 596.8% during the 4th quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock worth $38,972,000 after acquiring an additional 1,706,482 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY boosted its stake in Penguin Solutions by 73.8% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock worth $28,250,000 after acquiring an additional 681,700 shares during the last quarter.

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.