Barclays Forecasts Strong Price Appreciation for Penguin Solutions (NASDAQ:PENG) Stock

Penguin Solutions (NASDAQ:PENG - Free Report) had its price target increased by Barclays from $22.00 to $23.00 in a research report sent to investors on Thursday,Benzinga reports. Barclays currently has an overweight rating on the stock.

PENG has been the subject of several other reports. 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. JMP Securities started coverage on shares of Penguin Solutions in a report on Monday, November 18th. They set an "outperform" rating and a $23.00 price objective for the company. Stifel Nicolaus cut their target price on shares of Penguin Solutions from $32.00 to $27.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Needham & Company LLC lifted their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Loop Capital initiated coverage on shares of Penguin Solutions in a research report on Tuesday. They issued a "buy" rating and a $30.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Penguin Solutions has an average rating of "Buy" and an average price target of $25.43.

Penguin Solutions Trading Down 3.6 %

Shares of PENG traded down $0.71 during mid-day trading on Thursday, hitting $19.13. 1,194,688 shares of the company traded hands, compared to its average volume of 869,715. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19. The business has a 50-day simple moving average of $18.49. Penguin Solutions has a one year low of $14.87 and a one year high of $29.81. The stock has a market capitalization of $1.02 billion, a PE ratio of -19.13 and a beta of 1.69.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.04). The firm had revenue of $311.15 million during the quarter, compared to the consensus estimate of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. As a group, analysts anticipate that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Joseph Gates Clark sold 2,264 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the transaction, the insider now owns 95,999 shares in the company, valued at approximately $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jack A. Pacheco sold 6,666 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.00, for a total transaction of $133,320.00. Following the transaction, the chief operating officer now owns 235,960 shares of the company's stock, valued at approximately $4,719,200. This represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,264 shares of company stock worth $440,287 over the last ninety days. Company 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.