Penguin Solutions (NASDAQ:PENG) Shares Gap Up - What's Next?

Penguin Solutions (NASDAQ:PENG - Get Free Report)'s stock price gapped up prior to trading 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PENG shares. Loop Capital assumed coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They set a "buy" rating and a $30.00 price target on the stock. Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, January 9th. Rosenblatt Securities restated a "buy" rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, December 19th. Finally, Needham & Company LLC increased their price objective on 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $25.43.

Penguin Solutions Stock Performance

The firm has a 50-day moving average price of $19.89. The company has a market capitalization of $1.02 billion, a PE ratio of -36.85 and a beta of 1.70. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61.

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Insiders Place Their Bets

In related news, SVP Joseph Gates Clark sold 2,131 shares of the company's stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the sale, the senior vice president now owns 89,469 shares in the company, valued at approximately $1,873,480.86. This represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 on 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 transaction, the chief operating officer now directly owns 235,960 shares in the company, valued at approximately $4,719,200. This represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,131 shares of company stock valued at $462,557. Insiders own 2.60% of the company's stock.

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.