Penguin Solutions (NASDAQ:PENG) Shares Gap Up – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) shares gapped up before the market opened on Monday . The stock had previously closed at $17.55, but opened at $18.07. Penguin Solutions shares last traded at $18.29, with a volume of 108,685 shares trading hands.

Wall Street Analyst Weigh In

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

Penguin Solutions Stock Performance

The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. The firm has a market capitalization of $1.02 billion, a P/E ratio of -36.88 and a beta of 1.70. The stock’s fifty day moving average price is $19.87.

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the company’s stock in a transaction dated 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 directly owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. This represents a 2.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jack A. Pacheco sold 6,667 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $20.55, for a total value of $137,006.85. Following the sale, the chief operating officer now owns 231,548 shares in the company, 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 three months, insiders sold 22,131 shares of company stock valued at $462,557. 2.60% of the stock is owned by insiders.

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.