Needham & Company LLC Reiterates “Buy” Rating for Penguin Solutions (NASDAQ:PENG)

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $27.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 77.75% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Barclays lifted their price target on shares of Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, January 9th. JPMorgan Chase & Co. assumed coverage on Penguin Solutions in a report on Monday, March 31st. They issued a “neutral” rating and a $20.00 target price for the company. Loop Capital began coverage on Penguin Solutions in a research report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, December 19th. One equities research 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $24.94.

Penguin Solutions Price Performance

Penguin Solutions stock opened at $15.19 on Thursday. The company has a fifty day simple moving average of $19.35. The firm has a market capitalization of $809.49 million, a PE ratio of -29.21 and a beta of 1.83. Penguin Solutions has a 1-year low of $14.23 and a 1-year high of $22.67. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33.

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

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, COO Jack A. Pacheco sold 6,667 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $20.55, for a total value of $137,006.85. Following the transaction, the chief operating officer now directly owns 231,548 shares of the company’s stock, valued at approximately $4,758,311.40. The trade was a 2.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Joseph Gates Clark sold 2,131 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total transaction of $44,623.14. Following the transaction, the senior vice president now owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. The trade was a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,684 shares of company stock valued at $393,617 in the last ninety days. Insiders own 2.60% of the company’s stock.

Penguin Solutions Company Profile

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.