Penguin Solutions (NASDAQ:PENG) Shares Gap Up – Still a Buy?

Penguin Solutions (NASDAQ:PENG)’s share price 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 trading hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on PENG shares. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Needham & Company LLC lifted their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, January 9th. JMP Securities started coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 target price on the stock. Loop Capital started coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, 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. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $25.43.

Penguin Solutions Stock Up 3.5 %

The firm has a 50-day moving average of $19.90. The company has a market cap of $967.76 million, a P/E ratio of -34.96 and a beta of 1.70. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75.

Insider Transactions at Penguin Solutions

In related news, COO Jack A. Pacheco sold 6,666 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.00, for a total transaction of $133,320.00. Following the completion of the sale, the chief operating officer now directly owns 235,960 shares of the company’s stock, valued at $4,719,200. The trade was a 2.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 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 of the company’s stock, valued at approximately $1,873,480.86. This trade represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,131 shares of company stock worth $462,557. Corporate 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.