Insider Selling: Penguin Solutions (NASDAQ:PENG) EVP Sells 3,219 Shares of Stock

Penguin Solutions (NASDAQ:PENG) EVP Jack A. Pacheco sold 3,219 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $20.00, for a total value of $64,380.00. Following the completion of the transaction, the executive vice president now owns 231,548 shares of the company’s stock, valued at $4,630,960. This trade represents a 1.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Penguin Solutions Trading Down 1.9 %

PENG stock traded down $0.37 during midday trading on Wednesday, reaching $18.94. The company had a trading volume of 471,766 shares, compared to its average volume of 882,588. The company’s 50 day moving average price is $19.86. The stock has a market capitalization of $1.01 billion, a P/E ratio of -36.42 and a beta of 1.70. Penguin Solutions has a 1 year low of $14.87 and a 1 year high of $22.67. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PENG. Loop Capital initiated coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, December 19th. Needham & Company LLC lifted their price objective on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, January 9th. Finally, Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. Six equities research 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, Penguin Solutions presently has a consensus rating of “Buy” and an average price target of $25.43.

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.