Penguin Solutions (NASDAQ:PENG) Earns Buy Rating from Rosenblatt Securities

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $27.00 price target on the stock. Rosenblatt Securities’ target price indicates a potential upside of 77.75% from the stock’s current price.

A number of other research analysts have also issued reports on the company. Barclays boosted their price objective on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, January 9th. Loop Capital initiated coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday. Finally, JPMorgan Chase & Co. began coverage on shares of Penguin Solutions in a research report on Monday, March 31st. They issued a “neutral” rating and a $20.00 target price for the company. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $24.94.

Penguin Solutions Stock Performance

Shares of NASDAQ:PENG opened at $15.19 on Thursday. 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 business’s fifty day simple moving average is $19.35. The company has a quick ratio of 1.75, a current ratio of 2.33 and a debt-to-equity ratio of 1.61.

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

Insider Buying and Selling

In other news, SVP Joseph Gates Clark sold 2,131 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the sale, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at $1,873,480.86. This trade represents a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jack A. Pacheco sold 6,667 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $22.14, for a total value of $147,607.38. Following the completion of the sale, the chief operating officer now directly owns 231,548 shares of the company’s stock, valued at approximately $5,126,472.72. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders 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.