Penguin Solutions’ (PENG) “Buy” Rating Reaffirmed at Rosenblatt Securities

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They presently have a $27.00 target price on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 64.23% from the stock’s current price.

A number of other research analysts also recently commented on PENG. Barclays upped their price objective on Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, January 9th. Loop Capital started coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, April 3rd. JPMorgan Chase & Co. assumed coverage on Penguin Solutions in a research report on Monday, March 31st. They set a “neutral” rating and a $20.00 price objective for the company. Finally, The Goldman Sachs Group reduced their price target on shares of Penguin Solutions from $26.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Penguin Solutions presently has a consensus rating of “Buy” and an average price target of $24.94.

Penguin Solutions Stock Performance

Shares of PENG opened at $16.44 on Thursday. 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 one year low of $14.20 and a one year high of $22.67. The company has a 50-day simple moving average of $18.58. The stock has a market capitalization of $882.47 million, a P/E ratio of -31.62 and a beta of 1.83.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings results on Wednesday, April 2nd. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.33 by $0.19. The business had revenue of $365.52 million for the quarter, compared to analysts’ expectations of $344.44 million. Penguin Solutions had a negative net margin of 2.21% and a positive return on equity of 11.70%. The business’s revenue was up 28.3% compared to the same quarter last year. As a group, equities research analysts forecast that Penguin Solutions will post 1.05 earnings per share for the current fiscal year.

Insider Transactions 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 shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the transaction, the senior vice president now owns 89,469 shares of the company’s stock, valued at $1,873,480.86. The trade was a 2.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jack A. Pacheco sold 6,667 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $22.14, for a total value of $147,607.38. Following the transaction, the chief operating officer now directly owns 231,548 shares of the company’s stock, valued at $5,126,472.72. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,684 shares of company stock worth $393,617. 2.60% of the stock is owned by corporate insiders.

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.