Penguin Solutions (NASDAQ:PENG) Downgraded to Equal Weight Rating by Barclays

Barclays cut shares of Penguin Solutions (NASDAQ:PENG) from an overweight rating to an equal weight rating in a report released on Wednesday, MarketBeat.com reports. They currently have $27.00 price objective on the stock, up from their previous price objective of $23.00.

A number of other brokerages have also weighed in on PENG. Rosenblatt Securities restated a “buy” rating and set a $30.00 price objective on shares of Penguin Solutions in a research report on Monday, March 30th. Wall Street Zen upgraded Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings upgraded Penguin Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, April 6th. Stifel Nicolaus reduced their price target on Penguin Solutions from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, April 2nd. Finally, The Goldman Sachs Group started coverage on Penguin Solutions in a research report on Tuesday, January 13th. They issued a “buy” rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Penguin Solutions presently has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Penguin Solutions Trading Down 1.2%

Shares of PENG stock opened at $27.58 on Wednesday. The firm has a market capitalization of $1.40 billion, a P/E ratio of 38.31 and a beta of 2.23. Penguin Solutions has a twelve month low of $16.04 and a twelve month high of $29.80. The company has a quick ratio of 1.55, a current ratio of 2.10 and a debt-to-equity ratio of 1.09. The stock’s fifty day simple moving average is $20.28 and its 200 day simple moving average is $20.49.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $343.00 million for the quarter, compared to analyst estimates of $339.00 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%. As a group, sell-side analysts predict that Penguin Solutions will post 1.66 EPS for the current fiscal year.

Insider Transactions at Penguin Solutions

In other news, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $17.75, for a total value of $71,000.00. Following the transaction, the senior vice president directly owned 131,352 shares of the company’s stock, valued at $2,331,498. The trade was a 2.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph Gates Clark sold 5,000 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $26.82, for a total value of $134,100.00. Following the completion of the transaction, the senior vice president directly owned 95,549 shares in the company, valued at $2,562,624.18. This represents a 4.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 23,630 shares of company stock worth $534,232 in the last quarter. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Penguin Solutions by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 6,592,564 shares of the company’s stock valued at $173,253,000 after purchasing an additional 25,804 shares during the period. State Street Corp raised its stake in shares of Penguin Solutions by 3.2% in the fourth quarter. State Street Corp now owns 2,957,938 shares of the company’s stock worth $57,857,000 after purchasing an additional 91,805 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Penguin Solutions by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock worth $46,726,000 after purchasing an additional 95,585 shares during the last quarter. Invesco Ltd. increased its position in shares of Penguin Solutions by 596.8% during the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after acquiring an additional 1,706,482 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Penguin Solutions by 35.3% during the third quarter. American Century Companies Inc. now owns 1,294,279 shares of the company’s stock valued at $34,014,000 after acquiring an additional 337,564 shares during the last quarter.

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.