Penguin Solutions (NASDAQ:PENG) Price Target Lowered to $22.50 at The Goldman Sachs Group

Penguin Solutions (NASDAQ:PENG) had its price objective reduced by analysts at The Goldman Sachs Group from $26.00 to $22.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 42.77% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Loop Capital assumed coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They set a “buy” rating and a $30.00 target price on the stock. Barclays raised their price objective on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, January 9th. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday. JPMorgan Chase & Co. assumed coverage on Penguin Solutions in a report on Monday. They issued a “neutral” rating and a $20.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a research note on Thursday. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $24.94.

Penguin Solutions Trading Down 12.7 %

Shares of PENG traded down $2.29 during mid-day trading on Thursday, hitting $15.76. The company’s stock had a trading volume of 1,146,041 shares, compared to its average volume of 904,437. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. Penguin Solutions has a 1-year low of $14.87 and a 1-year high of $22.67. The stock has a market capitalization of $839.87 million, a price-to-earnings ratio of -30.31 and a beta of 1.83. The business has a 50-day moving average of $19.55.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Wednesday, April 2nd. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.19. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. The company had revenue of $365.52 million during the quarter, compared to the consensus estimate of $344.44 million. The company’s revenue for the quarter was up 28.3% on a year-over-year basis. As a group, sell-side analysts predict that Penguin Solutions will post 1.05 EPS for the current fiscal year.

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total value of $44,623.14. Following the completion of the transaction, the senior vice president now directly owns 89,469 shares in the company, valued at approximately $1,873,480.86. The trade was a 2.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jack A. Pacheco sold 6,667 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $22.14, for a total value of $147,607.38. Following the sale, the chief operating officer now owns 231,548 shares in the company, valued at $5,126,472.72. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,684 shares of company stock worth $393,617. 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.