Penguin Solutions (NASDAQ:PENG) Price Target Raised to $27.00

Penguin Solutions (NASDAQ:PENG - Get Free Report) had its price target raised by Needham & Company LLC from $25.00 to $27.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 41.14% from the company's previous close.

PENG has been the subject of a number of other reports. Barclays cut their price objective on Penguin Solutions from $27.00 to $22.00 and set an "overweight" rating for the company in a research report on Wednesday, October 16th. Citizens Jmp raised shares of Penguin Solutions to a "strong-buy" rating in a report on Monday, November 18th. The Goldman Sachs Group began coverage on shares of Penguin Solutions in a report on Friday, November 1st. They issued a "buy" rating and a $21.00 price target on the stock. JMP Securities started coverage on Penguin Solutions in a report on Monday, November 18th. They set an "outperform" rating and a $23.00 price objective for the company. Finally, Stifel Nicolaus decreased their target price on Penguin Solutions from $32.00 to $27.00 and set a "buy" rating on the stock in a research report on Wednesday, October 16th. Six analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $25.43.

Penguin Solutions Price Performance

NASDAQ PENG traded down $0.71 on Thursday, hitting $19.13. 1,194,688 shares of the stock were exchanged, compared to its average volume of 869,715. The stock has a market capitalization of $1.02 billion, a P/E ratio of -19.13 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. The business has a fifty day simple moving average of $18.49. Penguin Solutions has a 52 week low of $14.87 and a 52 week high of $29.81.

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

Insider Activity

In related news, insider Joseph Gates Clark sold 2,264 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.50, for a total value of $39,620.00. Following the completion of the transaction, the insider now owns 95,999 shares of the company's stock, valued at $1,679,982.50. The trade was a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jack A. Pacheco sold 13,334 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $20.05, for a total transaction of $267,346.70. Following the sale, the chief operating officer now directly owns 235,960 shares of the company's stock, valued at $4,730,998. This represents a 5.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,264 shares of company stock worth $440,287. 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.