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Joseph Gates Clark, Senior Vice President and President of Optimized LED at Penguin Solutions, Inc. (NASDAQ:PENG), recently sold 2,131 ordinary shares of the company. The shares were sold at an average price of $20.9364, amounting to a total transaction value of approximately $44,615. Following this transaction, Clark retains ownership of 89,469 shares in the company. The sale occurred as the stock shows significant volatility with a beta of 1.69, while analysts maintain a consensus target range of $23-30, suggesting potential upside from current levels.
This transaction was conducted under a pre-established Rule 10b5-1 plan, which Clark adopted on August 15, 2024. The sale was executed in multiple trades with prices ranging from $20.65 to $21.07. According to InvestingPro analysis, PENG currently maintains a "FAIR" financial health rating, with 8 additional exclusive ProTips available to subscribers, covering crucial aspects like earnings growth prospects and shareholder returns.
In other recent news, Penguin Solutions has reported strong first-quarter earnings and revenue growth. The company's financial results surpassed analyst forecasts, showcasing a solid start to the fiscal year. The Advanced Computing unit was identified as a significant contributor to the company's performance, with revenue surging 49% year-over-year to $177.4 million. Penguin Solutions posted adjusted earnings per share of $0.49, beating the analyst consensus of $0.39, and revenue for the quarter came in at $341 million, outperforming estimates of $320.17 million.
In analyst notes, Needham's Nick Doyle highlighted the Advanced Computing segment's significant contribution, stating that its revenue is running well above estimates. The firm maintains a 'Buy' rating on Penguin Solutions and raised its price target to $27 from $25. The firm's broader analysis suggests that the second half of the fiscal year might be set for a conservative estimate, with the expectation that Advanced Computing growth could significantly surpass the company's guidance.
In other company developments, Penguin Solutions reaffirmed its full-year fiscal 2025 outlook, projecting a revenue growth of 15% year-over-year, plus or minus 5%, and non-GAAP EPS of $1.50, plus or minus $0.20. These are the recent developments in the company's performance and projections.
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