Insider Selling: Penguin Solutions (NASDAQ:PENG) Director Sells $309,012.36 in Stock

Penguin Solutions, Inc. (NASDAQ:PENG) Director Sandeep Nayyar sold 7,107 shares of Penguin Solutions stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $43.48, for a total value of $309,012.36. Following the transaction, the director owned 25,417 shares of the company’s stock, valued at $1,105,131.16. The trade was a 21.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Sandeep Nayyar also recently made the following trade(s):

• On Monday, May 11th, Sandeep Nayyar sold 12,893 shares of Penguin Solutions stock. The shares were sold at an average price of $45.09, for a total value of $581,345.37.

Penguin Solutions Stock Down 5.3%

Shares of NASDAQ:PENG opened at $46.82 on Friday. The stock has a fifty day simple moving average of $25.71 and a two-hundred day simple moving average of $22.04. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 65.03 and a beta of 2.66. Penguin Solutions, Inc. has a 12-month low of $16.04 and a 12-month high of $53.27. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The business 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%. On average, research analysts anticipate that Penguin Solutions, Inc. will post 1.66 earnings per share for the current fiscal year.

Institutional Trading of Penguin Solutions

Several large investors have recently modified their holdings of the company. Allworth Financial LP grew its holdings in shares of Penguin Solutions by 41.4% in the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after acquiring an additional 525 shares during the period. Osaic Holdings Inc. grew its holdings in shares of Penguin Solutions by 20.8% in the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after acquiring an additional 617 shares during the period. Covestor Ltd grew its holdings in shares of Penguin Solutions by 4.7% in the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after acquiring an additional 695 shares during the period. M&T Bank Corp grew its holdings in shares of Penguin Solutions by 7.0% in the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after acquiring an additional 706 shares during the period. Finally, Optimize Financial Inc grew its holdings in shares of Penguin Solutions by 1.5% in the fourth quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock worth $1,102,000 after acquiring an additional 808 shares during the period.

Analysts Set New Price Targets

A number of brokerages have issued reports on PENG. Zacks Research upgraded Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Penguin Solutions in a research note on Monday, March 30th. Wall Street Zen cut Penguin Solutions from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Barclays cut Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Finally, Stifel Nicolaus decreased their price target on Penguin Solutions from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Penguin Solutions has an average rating of “Moderate Buy” and an average price target of $27.25.

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.