Penguin Solutions (NASDAQ:PENG) Shares Gap Up After Analyst Upgrade

Penguin Solutions (NASDAQ:PENG) gapped up before the market opened on Friday after Barclays raised their price target on the stock from $22.00 to $23.00. The stock had previously closed at $19.13, but opened at $21.50. Barclays currently has an overweight rating on the stock. Penguin Solutions shares last traded at $20.80, with a volume of 632,646 shares changing hands.

A number of other brokerages have also recently commented on PENG. Loop Capital assumed coverage on shares of Penguin Solutions in a research note on Tuesday. They set a “buy” rating and a $30.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, December 19th. Needham & Company LLC lifted their price target on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group initiated coverage on Penguin Solutions in a report on Friday, November 1st. They set a “buy” rating and a $21.00 price objective on the stock. Finally, 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 report on Wednesday, October 16th. Six research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penguin Solutions currently has an average rating of “Buy” and a consensus target price of $25.43.

Insider Buying and Selling

In other news, COO Jack A. Pacheco sold 13,334 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $20.05, for a total transaction of $267,346.70. Following the sale, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,730,998. This trade represents a 5.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions stock in a transaction on 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 of the company’s stock, valued at $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,264 shares of company stock worth $440,287 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

Penguin Solutions Trading Up 7.9 %

The firm’s fifty day moving average price is $18.57. The stock has a market capitalization of $1.10 billion, a P/E ratio of -20.65 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.04). The business 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%. Equities analysts forecast that Penguin Solutions will post 1.33 EPS for the current year.

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.