Needham & Company LLC Reiterates Buy Rating for Penguin Solutions (NASDAQ:PENG)

Needham & Company LLC restated their buy rating on shares of Penguin Solutions (NASDAQ:PENG - Free Report) in a report published on Thursday,Benzinga reports. They currently have a $27.00 price target on the stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. started coverage on shares of Penguin Solutions in a research report on Monday, March 31st. They issued a "neutral" rating and a $20.00 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, December 19th. Loop Capital initiated coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Barclays lifted their price target on Penguin Solutions from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, January 9th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $24.94.

Penguin Solutions Trading Down 1.0 %

NASDAQ:PENG traded down $0.16 on Thursday, reaching $15.16. 517,272 shares of the stock traded hands, compared to its average volume of 924,609. Penguin Solutions has a 1-year low of $14.23 and a 1-year high of $22.67. 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 firm has a 50 day moving average of $19.28. The stock has a market capitalization of $807.89 million, a price-to-earnings ratio of -29.19 and a beta of 1.83.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings data on Wednesday, April 2nd. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $365.52 million during the quarter, compared to analyst estimates of $344.44 million. The company's quarterly revenue was up 28.3% compared to the same quarter last year. On average, equities research analysts forecast that Penguin Solutions will post 1.05 EPS for the current fiscal year.

Insider Transactions at Penguin Solutions

In other news, EVP Jack A. Pacheco sold 3,219 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $20.00, for a total transaction of $64,380.00. Following the sale, the executive vice president now owns 231,548 shares in the company, valued at approximately $4,630,960. The trade was a 1.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Joseph Gates Clark sold 2,131 shares of the company'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 owns 89,469 shares in the company, valued at approximately $1,873,480.86. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,684 shares of company stock valued at $393,617. Company 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.