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 stock traded as low as $20.13 and last traded at $20.15. Approximately 84,038 shares traded 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 business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $20.05, for a total value of $267,346.70. Following the transaction, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,730,998. The trade was a 5.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PENG. Needham & Company LLC lowered their target price on shares of Penguin Solutions from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. JMP Securities started coverage on Penguin Solutions in a research report on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective for the company. The Goldman Sachs Group initiated 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. Stifel Nicolaus decreased their target price on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Finally, Barclays dropped their price target on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Penguin Solutions presently has a consensus rating of “Buy” and an average price target of $23.60.

Penguin Solutions Stock Performance

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

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $311.15 million during the quarter, compared to analyst estimates of $325.00 million. Research analysts forecast that Penguin Solutions will post 1.33 EPS for the current year.

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.