Penguin Solutions (NASDAQ:PENG) Trading Down 6.4% - Here's Why

Penguin Solutions (NASDAQ:PENG - Get Free Report) traded down 6.4% on Friday . The company traded as low as $18.66 and last traded at $18.49. 172,716 shares changed hands during 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

PENG has been the topic of a number of recent research reports. Barclays increased their price target on Penguin Solutions from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, January 9th. Loop Capital initiated coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They set a "buy" rating and a $30.00 target price on the stock. Needham & Company LLC upped their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, January 9th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, December 19th. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Penguin Solutions currently has a consensus rating of "Buy" and a consensus price target of $25.43.

Penguin Solutions Trading Down 1.6 %

The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33. The stock has a market capitalization of $1.03 billion, a PE ratio of -37.13 and a beta of 1.70. The firm has a 50-day moving average of $19.87.

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the stock in a transaction dated Thursday, January 23rd. The stock was 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 in the company, valued at approximately $1,873,480.86. This trade represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jack A. Pacheco sold 6,666 shares of the firm's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.00, for a total value of $133,320.00. Following the completion of the sale, the chief operating officer now directly owns 235,960 shares of the company's stock, valued at approximately $4,719,200. This represents a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,131 shares of company stock worth $462,557 over the last three months. Corporate 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.