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

Penguin Solutions (NASDAQ:PENG - Get Free Report) gapped up prior to trading 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 trading hands.

A number of other equities analysts have also issued reports on PENG. Loop Capital assumed coverage on shares of Penguin Solutions in a research report on Tuesday. They set a "buy" rating and a $30.00 target price on the stock. The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They set a "buy" rating and a $21.00 target price on the stock. Needham & Company LLC upped their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday. Stifel Nicolaus reduced their target price on shares of Penguin Solutions from $32.00 to $27.00 and set a "buy" rating on the stock in a research report on Wednesday, October 16th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, December 19th. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Penguin Solutions has a consensus rating of "Buy" and a consensus price target of $25.43.

Insider Activity at Penguin Solutions

In other 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 sale, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jack A. Pacheco sold 13,334 shares of the stock in a transaction on 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. Insiders have sold 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 Price Performance

The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -20.65 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65. The business's 50-day simple moving average is $18.57.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. Equities research analysts predict that Penguin Solutions will post 1.33 EPS for the current year.

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.