Loop Capital Initiates Coverage on Penguin Solutions (NASDAQ:PENG)

Analysts at Loop Capital began coverage on shares of Penguin Solutions (NASDAQ:PENG) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $30.00 price target on the stock. Loop Capital’s target price points to a potential upside of 56.82% from the company’s current price.

Several other research analysts have also recently weighed in on PENG. JMP Securities initiated coverage on Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 price target for the company. The Goldman Sachs Group started coverage on shares of Penguin Solutions in a research note on Friday, November 1st. They issued a “buy” rating and a $21.00 target price for the company. Barclays cut their price objective on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Rosenblatt Securities reissued a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, December 19th. Finally, Needham & Company LLC cut their price target on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $25.00.

Penguin Solutions Stock Down 3.6 %

Shares of Penguin Solutions stock opened at $19.13 on Tuesday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -19.13 and a beta of 1.69. Penguin Solutions has a 52 week low of $14.87 and a 52 week high of $29.81. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65. The firm has a 50 day moving average of $18.42.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 EPS 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 analyst estimates 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, research analysts anticipate that Penguin Solutions will post 1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joseph Gates Clark sold 2,264 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total value of $39,620.00. Following the completion of the sale, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jack A. Pacheco sold 13,334 shares of Penguin Solutions stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $20.05, for a total value of $267,346.70. Following the transaction, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,730,998. The trade was a 5.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,264 shares of company stock valued at $440,287 in the last 90 days. 2.60% of the stock is owned by 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.