Insider Selling: Penguin Solutions, Inc. (NASDAQ:PENG) EVP Sells 63,447 Shares of Stock

Penguin Solutions, Inc. (NASDAQ:PENG - Get Free Report) EVP Jack A. Pacheco sold 63,447 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $24.83, for a total value of $1,575,389.01. Following the completion of the transaction, the executive vice president directly owned 227,231 shares of the company's stock, valued at $5,642,145.73. This represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Penguin Solutions Stock Performance

Shares of PENG traded up $0.26 during mid-day trading on Friday, hitting $25.16. The stock had a trading volume of 690,808 shares, compared to its average volume of 1,321,259. The company has a market cap of $1.32 billion, a PE ratio of -89.85 and a beta of 1.98. The company's fifty day simple moving average is $20.77 and its two-hundred day simple moving average is $19.40. The company has a quick ratio of 2.24, a current ratio of 2.62 and a debt-to-equity ratio of 1.08. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its earnings results on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.30 by $0.17. The company had revenue of $324,251 billion during the quarter, compared to analyst estimates of $330.82 million. Penguin Solutions had a positive return on equity of 13.27% and a negative net margin of 0.68%. On average, equities analysts expect that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on PENG. The Goldman Sachs Group raised their price objective on Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Needham & Company LLC raised their price objective on Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday. JMP Securities restated a "market outperform" rating and set a $26.00 price objective on shares of Penguin Solutions in a research note on Wednesday, July 9th. Loop Capital raised their price objective on Penguin Solutions from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Wall Street Zen lowered Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $27.13.

Institutional Trading of Penguin Solutions

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. bought a new stake in shares of Penguin Solutions in the 1st quarter worth approximately $111,458,000. Alliancebernstein L.P. bought a new stake in shares of Penguin Solutions in the 1st quarter worth approximately $28,919,000. Paradigm Capital Management Inc. NY bought a new stake in shares of Penguin Solutions in the 1st quarter worth approximately $19,545,000. Think Investments LP bought a new stake in shares of Penguin Solutions in the 1st quarter worth approximately $15,713,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Penguin Solutions in the 1st quarter worth approximately $14,786,000.

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.