Penguin Solutions (NASDAQ:PENG) Receives “Buy” Rating from Needham & Company LLC

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $27.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 49.58% from the stock’s previous close.

Several other brokerages have also commented on PENG. Rosenblatt Securities reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, December 19th. Loop Capital began coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target on the stock. Barclays increased their price objective on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. Finally, JPMorgan Chase & Co. assumed coverage on Penguin Solutions in a research report on Monday. They issued a “neutral” rating and a $20.00 target price for the company. One research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $24.75.

Penguin Solutions Stock Performance

NASDAQ:PENG opened at $18.05 on Thursday. Penguin Solutions has a 52 week low of $14.87 and a 52 week high of $22.67. The company has a 50-day moving average price of $19.55. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33. The stock has a market cap of $961.90 million, a price-to-earnings ratio of -34.71 and a beta of 1.83.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings results on Wednesday, April 2nd. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.19. The business had revenue of $365.52 million for the quarter, compared to analyst estimates of $344.44 million. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. Penguin Solutions’s revenue for the quarter was up 28.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Penguin Solutions will post 1.05 earnings per share for the current year.

Insider Transactions at Penguin Solutions

In other news, SVP Joseph Gates Clark sold 2,131 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total value of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. This represents a 2.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jack A. Pacheco sold 3,219 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 231,548 shares of the company’s stock, valued at approximately $4,630,960. This represents a 1.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,684 shares of company stock valued at $393,617 over the last three months. 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.