Penguin Solutions (NASDAQ:PENG) Stock Price Down 2% Following Insider Selling

Shares of Penguin Solutions (NASDAQ:PENG) traded down 2% during mid-day trading on Thursday following insider selling activity. The company traded as low as $20.13 and last traded at $20.15. 84,038 shares changed hands during trading, a decline of 92% from the average session 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 dated Monday, December 9th. The shares were sold at an average price of $20.05, for a total value of $267,346.70. Following the sale, the chief operating officer now directly owns 235,960 shares in the company, valued at approximately $4,730,998. The trade was a 5.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PENG shares. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Needham & Company LLC decreased their price target on shares of Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Barclays cut their price objective on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. The Goldman Sachs Group started coverage on Penguin Solutions in a report on Friday, November 1st. They issued a “buy” rating and a $21.00 target price on the stock. Finally, JMP Securities began coverage on Penguin Solutions in a report on Monday, November 18th. They set an “outperform” rating and a $23.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the 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 business’s 50 day simple moving average is $17.38. The stock has a market capitalization of $1.05 billion, a P/E ratio of -19.78 and a beta of 1.74. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $311.15 million for the quarter, compared to analyst estimates of $325.00 million. As a group, equities analysts anticipate that Penguin Solutions will post 1.33 earnings per share for the current fiscal year.

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.