Penguin Solutions (NASDAQ:PENG) Trading Up 2% - Should You Buy?

Penguin Solutions (NASDAQ:PENG - Get Free Report)'s share price was up 2% during trading on Friday . The company traded as high as $19.97 and last traded at $19.93. Approximately 811,065 shares were traded during mid-day trading, a decline of 5% from the average daily volume of 849,668 shares. The stock had previously closed at $19.54.

Analyst Ratings Changes

A number of analysts recently weighed in on PENG shares. Needham & Company LLC increased their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, January 9th. Loop Capital assumed coverage on shares of Penguin Solutions in a research note on Tuesday, January 7th. They set a "buy" rating and a $30.00 target price for the company. Barclays boosted their price target on Penguin Solutions from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, January 9th. Rosenblatt Securities reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, December 19th. Finally, JMP Securities initiated coverage on Penguin Solutions in a research note on Monday, November 18th. They issued an "outperform" rating and a $23.00 target price on the stock. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $25.43.

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Penguin Solutions Stock Performance

The firm has a market cap of $1.01 billion, a P/E ratio of -36.44 and a beta of 1.70. The business has a 50-day moving average of $20.20. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33.

Insider Activity at Penguin Solutions

In other news, COO Jack A. Pacheco sold 13,334 shares of the 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 completion of the transaction, the chief operating officer now owns 235,960 shares in the company, valued at $4,730,998. This trade represents a 5.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Joseph Gates Clark sold 2,131 shares of the business's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total transaction of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares in the company, valued at approximately $1,873,480.86. This represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,465 shares of company stock worth $729,904 over the last three months. 2.60% of the stock is currently owned by corporate 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.