Penguin Solutions (NASDAQ:PENG) Shares Gap Up – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) gapped up before the market opened 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.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PENG. Barclays boosted their price objective on Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, January 9th. Needham & Company LLC upped their target price on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, December 19th. Finally, Loop Capital initiated coverage on Penguin Solutions in a report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Penguin Solutions has a consensus rating of “Buy” and a consensus price target of $25.43.

Penguin Solutions Stock Performance

The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -36.88 and a beta of 1.70. The company’s 50 day moving average is $19.87. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61.

Insider Activity at Penguin Solutions

In related news, COO Jack A. Pacheco sold 6,667 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $20.55, for a total value of $137,006.85. Following the completion of the sale, the chief operating officer now 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 this link. Also, SVP Joseph Gates Clark sold 2,131 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were 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 of the company’s stock, valued at approximately $1,873,480.86. The trade was a 2.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,131 shares of company stock valued at $462,557. 2.60% of the stock is 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.