Insider Selling: Penguin Solutions (NASDAQ:PENG) SVP Sells $76,262.69 in Stock

Penguin Solutions, Inc. (NASDAQ:PENG) SVP Joseph Gates Clark sold 1,327 shares of Penguin Solutions stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total transaction of $76,262.69. Following the completion of the sale, the senior vice president directly owned 63,056 shares of the company’s stock, valued at approximately $3,623,828.32. The trade was a 2.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joseph Gates Clark also recently made the following trade(s):

• On Monday, June 1st, Joseph Gates Clark sold 10,351 shares of Penguin Solutions stock. The stock was sold at an average price of $58.87, for a total transaction of $609,363.37.
• On Friday, May 8th, Joseph Gates Clark sold 5,000 shares of Penguin Solutions stock. The shares were sold at an average price of $39.99, for a total transaction of $199,950.00.

Penguin Solutions Stock Up 17.7%

Penguin Solutions stock opened at $51.43 on Friday. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 36.48 and a beta of 2.83. The firm’s fifty day moving average price is $63.12 and its two-hundred day moving average price is $37.82. Penguin Solutions, Inc. has a 1-year low of $16.04 and a 1-year high of $89.86. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65.

Penguin Solutions (NASDAQ:PENG) last posted its earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.63 by $0.21. Penguin Solutions had a net margin of 6.44% and a return on equity of 28.23%. The company had revenue of $478.71 million during the quarter, compared to the consensus estimate of $407.47 million. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, equities research analysts predict that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Penguin Solutions

Several hedge funds have recently modified their holdings of PENG. Tactive Advisors LLC bought a new position in shares of Penguin Solutions in the second quarter valued at approximately $747,000. FNY Investment Advisers LLC purchased a new stake in shares of Penguin Solutions during the second quarter valued at approximately $714,000. Central Pacific Bank Trust Division lifted its holdings in Penguin Solutions by 31.7% during the second quarter. Central Pacific Bank Trust Division now owns 18,976 shares of the company’s stock worth $1,442,000 after acquiring an additional 4,567 shares during the period. Pacer Advisors Inc. lifted its holdings in Penguin Solutions by 34.0% during the first quarter. Pacer Advisors Inc. now owns 261,776 shares of the company’s stock worth $4,607,000 after acquiring an additional 66,460 shares during the period. Finally, California State Teachers Retirement System boosted its position in Penguin Solutions by 52.8% in the first quarter. California State Teachers Retirement System now owns 74,580 shares of the company’s stock worth $1,313,000 after purchasing an additional 25,763 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have commented on PENG. Zacks Research raised Penguin Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Weiss Ratings raised Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 8th. Stifel Nicolaus upped their price target on Penguin Solutions from $66.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Barclays lowered Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price target for the company. in a research report on Monday, July 20th. Finally, Rosenblatt Securities raised their price objective on Penguin Solutions from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.33.

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.