Penguin Solutions (NASDAQ:PENG) Shares Down 6.4% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG)’s stock price traded down 6.4% during trading on Friday . The stock traded as low as $18.66 and last traded at $18.49. 172,716 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 885,782 shares. The stock had previously closed at $19.75.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Loop Capital assumed coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target for the company. Needham & Company LLC upped their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 9th. Rosenblatt Securities restated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, December 19th. Finally, Barclays increased their target price on shares of Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. Six research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Penguin Solutions presently has an average rating of “Buy” and an average target price of $25.43.

Penguin Solutions Stock Performance

The firm’s 50 day simple moving average is $19.89. The company has a market capitalization of $1.01 billion, a P/E ratio of -36.27 and a beta of 1.70. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61.

Insider Activity at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 2,131 shares of Penguin Solutions stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total value of $44,623.14. Following the completion of the sale, the senior vice president now owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. The trade was a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jack A. Pacheco sold 6,667 shares of Penguin Solutions stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $20.55, for a total transaction of $137,006.85. Following the completion of the sale, the chief operating officer now directly owns 231,548 shares of the company’s stock, valued at approximately $4,758,311.40. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,131 shares of company stock valued at $462,557. Insiders own 2.60% of the company’s stock.

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.