Penguin Solutions (NASDAQ:PENG) Shares Down 2% Following Insider Selling

Penguin Solutions (NASDAQ:PENG) shares were down 2% during trading on Thursday after an insider sold shares in the company. The company traded as low as $20.13 and last traded at $20.15. Approximately 84,038 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,033,764 shares. The stock had previously closed at $20.57.

Specifically, COO Jack A. Pacheco sold 13,334 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $20.05, for a total transaction of $267,346.70. Following the sale, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,730,998. This trade represents a 5.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

Several research firms have weighed in on PENG. Citizens Jmp upgraded Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. The Goldman Sachs Group assumed coverage on Penguin Solutions in a research note on Friday, November 1st. They issued a “buy” rating and a $21.00 price objective on the stock. Needham & Company LLC reduced their price target on shares of Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Barclays lowered their price objective on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, JMP Securities began coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They issued an “outperform” rating and a $23.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penguin Solutions presently has an average rating of “Buy” and an average target price of $23.60.

Penguin Solutions Stock Up 0.5 %

The company’s 50 day moving average is $17.44. The stock has a market capitalization of $1.06 billion, a P/E ratio of -19.87 and a beta of 1.74. The company has a current ratio of 2.65, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.04). Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. The business had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. On average, analysts forecast that Penguin Solutions will post 1.33 EPS for the current fiscal year.

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.