Penguin Solutions (NASDAQ:PENG) Reaches New 12-Month Low on Analyst Downgrade

Penguin Solutions (NASDAQ:PENG)’s share price hit a new 52-week low during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $26.00 to $22.50. The Goldman Sachs Group currently has a buy rating on the stock. Penguin Solutions traded as low as $14.23 and last traded at $15.27, with a volume of 497773 shares trading hands. The stock had previously closed at $16.19.

A number of other equities research analysts have also recently weighed in on the stock. Barclays boosted their price target on shares of Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, January 9th. JPMorgan Chase & Co. initiated coverage on Penguin Solutions in a research report on Monday, March 31st. They issued a “neutral” rating and a $20.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Thursday. Rosenblatt Securities reissued a “buy” rating and issued a $27.00 price objective on shares of Penguin Solutions in a report on Thursday. Finally, 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 target price on the stock. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $24.94.

Insiders Place Their Bets

In other Penguin Solutions news, COO Jack A. Pacheco sold 6,667 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $20.55, for a total value of $137,006.85. Following the transaction, the chief operating officer now directly owns 231,548 shares of the company’s stock, valued at approximately $4,758,311.40. The trade was a 2.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Joseph Gates Clark sold 2,131 shares of the firm’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 of the company’s stock, valued at $1,873,480.86. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,684 shares of company stock valued at $393,617. 2.60% of the stock is owned by company insiders.

Penguin Solutions Trading Down 6.2 %

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 50 day moving average of $19.35. The firm has a market capitalization of $809.49 million, a price-to-earnings ratio of -29.21 and a beta of 1.83.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings data on Wednesday, April 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.19. The firm had revenue of $365.52 million during the quarter, compared to analysts’ expectations of $344.44 million. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. The company’s revenue was up 28.3% compared to the same quarter last year. On average, equities research analysts forecast that Penguin Solutions will post 1.05 earnings per share for the current year.

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.