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

Rosenblatt Securities reiterated their buy rating on shares of Penguin Solutions (NASDAQ:PENG) in a research report report published on Thursday,Benzinga reports. The brokerage currently has a $27.00 price target on the stock.

A number of other equities analysts have also issued reports on PENG. Stifel Nicolaus reduced their target price on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Needham & Company LLC decreased their target price on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. JMP Securities started coverage on Penguin Solutions in a research report on Monday, November 18th. They issued an “outperform” rating and a $23.00 target price on the stock. The Goldman Sachs Group began coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They set a “buy” rating and a $21.00 price target for the company. Finally, Barclays dropped their price objective on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Penguin Solutions has an average rating of “Buy” and an average price target of $24.17.

Penguin Solutions Stock Performance

Shares of PENG stock opened at $18.51 on Thursday. Penguin Solutions has a fifty-two week low of $14.87 and a fifty-two week high of $29.81. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19. The stock has a market capitalization of $986.40 million, a price-to-earnings ratio of -18.51 and a beta of 1.74. The business’s 50-day simple moving average is $17.62.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.04). The company had revenue of $311.15 million for the quarter, compared to analysts’ expectations of $325.00 million. Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. As a group, equities analysts forecast that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Activity at Penguin Solutions

In other news, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.50, for a total transaction of $39,620.00. Following the sale, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. This trade represents a 2.30 % 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 13,334 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $20.05, for a total value of $267,346.70. Following the completion of the transaction, the chief operating officer now directly owns 235,960 shares of the company’s stock, valued at $4,730,998. The trade was a 5.35 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.40% 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.