Analysts Set Penguin Solutions (NASDAQ:PENG) Target Price at $24.94

Shares of Penguin Solutions (NASDAQ:PENG - Get Free Report) have been given a consensus recommendation of "Buy" by the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $24.94.

PENG has been the topic of a number of research analyst reports. JPMorgan Chase & Co. assumed coverage on shares of Penguin Solutions in a research report on Monday, March 31st. They set a "neutral" rating and a $20.00 price objective on the stock. Needham & Company LLC reissued a "buy" rating and issued a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, April 3rd. Rosenblatt Securities restated a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a report on Thursday, April 17th. Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Thursday, January 9th. Finally, The Goldman Sachs Group decreased their price target on shares of Penguin Solutions from $26.00 to $22.50 and set a "buy" rating for the company in a research note on Thursday, April 3rd.

Insider Activity

In other Penguin Solutions news, COO Jack A. Pacheco sold 6,667 shares of the company's stock in a transaction dated 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. This represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penguin Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Crews Bank & Trust bought a new stake in Penguin Solutions during the first quarter worth $28,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Penguin Solutions during the first quarter worth about $188,000. New York State Teachers Retirement System bought a new stake in Penguin Solutions in the first quarter worth about $248,000. Amalgamated Bank purchased a new position in Penguin Solutions in the first quarter valued at about $264,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Penguin Solutions in the first quarter valued at about $779,000.

Penguin Solutions Stock Up 1.4 %

Penguin Solutions stock traded up $0.23 during trading hours on Tuesday, reaching $17.23. 507,147 shares of the company's stock were exchanged, compared to its average volume of 933,713. The firm has a market cap of $924.87 million, a price-to-earnings ratio of -33.13 and a beta of 1.83. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. The stock's 50 day moving average price is $17.88. Penguin Solutions has a twelve month low of $14.20 and a twelve month high of $22.67.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.19. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. The firm had revenue of $365.52 million for the quarter, compared to analyst estimates of $344.44 million. Penguin Solutions's revenue for the quarter was up 28.3% on a year-over-year basis. Analysts anticipate that Penguin Solutions will post 1.05 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.