Penguin Solutions (NASDAQ:PENG) Trading 2% Higher – Here’s Why

Penguin Solutions (NASDAQ:PENG)’s stock price was up 2% during mid-day trading on Friday . The company traded as high as $19.97 and last traded at $19.93. Approximately 811,065 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 849,668 shares. The stock had previously closed at $19.54.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PENG shares. Citizens Jmp upgraded Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Loop Capital assumed coverage on Penguin Solutions in a research report on Tuesday, January 7th. They set a “buy” rating and a $30.00 price objective for the company. Needham & Company LLC raised their price objective on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, January 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, December 19th. Finally, JMP Securities started coverage on shares of Penguin Solutions in a report on Monday, November 18th. They issued an “outperform” rating and a $23.00 target price for the company. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $25.43.

Penguin Solutions Trading Up 2.0 %

The stock has a 50-day simple moving average of $20.23. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -38.33 and a beta of 1.68.

Insider Activity

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at $1,873,480.86. The trade was a 2.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jack A. Pacheco sold 6,666 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.00, for a total transaction of $133,320.00. Following the completion of the transaction, the chief operating officer now owns 235,960 shares of the company’s stock, valued at approximately $4,719,200. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,465 shares of company stock valued at $729,904. 2.60% of the stock is currently owned by corporate insiders.

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.