Penguin Solutions (NASDAQ:PENG) Shares Down 0.9% - Here's What Happened

Shares of Penguin Solutions (NASDAQ:PENG - Get Free Report) traded down 0.9% during trading on Thursday . The stock traded as low as $19.35 and last traded at $19.49. 126,109 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,037,165 shares. The stock had previously closed at $19.66.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PENG shares. Barclays lowered their price objective on shares of Penguin Solutions from $27.00 to $22.00 and set an "overweight" rating for the company in a research report on Wednesday, October 16th. Needham & Company LLC reduced their price objective on Penguin Solutions from $35.00 to $25.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus lowered their target price on Penguin Solutions from $32.00 to $27.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Citizens Jmp upgraded Penguin Solutions to a "strong-buy" rating in a report on Monday, November 18th. Finally, JMP Securities started coverage on shares of Penguin Solutions in a report on Monday, November 18th. They set an "outperform" rating and a $23.00 target price on the stock. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Penguin Solutions has a consensus rating of "Buy" and an average target price of $23.60.

Penguin Solutions Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65. The stock has a market capitalization of $1.03 billion, a PE ratio of -19.49 and a beta of 1.74.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.04). Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. The firm had revenue of $311.15 million during the quarter, compared to analysts' expectations of $325.00 million. As a group, research analysts forecast that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Buying and Selling

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of the firm's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total value of $39,620.00. Following the completion of the transaction, the insider now owns 95,999 shares of the company's stock, valued at approximately $1,679,982.50. This trade represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.40% of the stock is owned by company insiders.

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.

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