Rosenblatt Securities Reaffirms Buy Rating for Penguin Solutions (NASDAQ:PENG)

Rosenblatt Securities restated their buy rating on shares of Penguin Solutions (NASDAQ:PENG - Free Report) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $27.00 price objective on the stock.

A number of other analysts have also issued reports on PENG. Loop Capital started coverage on Penguin Solutions in a research report on Tuesday, January 7th. They set a "buy" rating and a $30.00 target price on the stock. Barclays upped their target price on Penguin Solutions from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, January 9th. JPMorgan Chase & Co. assumed coverage on shares of Penguin Solutions in a research note on Monday, March 31st. They issued a "neutral" rating and a $20.00 price target for the company. The Goldman Sachs Group decreased their price objective on shares of Penguin Solutions from $26.00 to $22.50 and set a "buy" rating for the company in a report on Thursday, April 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, April 3rd. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $24.94.

Penguin Solutions Stock Performance

Penguin Solutions stock traded down $0.56 during midday trading on Thursday, reaching $15.88. The stock had a trading volume of 1,059,139 shares, compared to its average volume of 941,196. The stock has a market capitalization of $852.41 million, a PE ratio of -30.54 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 firm has a 50-day moving average price of $18.37. 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 released its quarterly earnings results on Wednesday, April 2nd. The company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $344.44 million. The business's quarterly revenue was up 28.3% on a year-over-year basis. Equities analysts predict that Penguin Solutions will post 1.05 earnings per share for the current fiscal year.

Insider Transactions at Penguin Solutions

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the business's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the transaction, the senior vice president now directly owns 89,469 shares of the company's stock, valued at $1,873,480.86. The trade was a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jack A. Pacheco sold 6,667 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $20.55, for a total value of $137,006.85. Following the transaction, the chief operating officer now owns 231,548 shares of the company's stock, valued at approximately $4,758,311.40. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,684 shares of company stock worth $393,617. 2.60% of the stock is currently owned by company insiders.

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.