Penguin Solutions (NASDAQ:PENG) Trading 2% Higher – Still a Buy?

Penguin Solutions (NASDAQ:PENG)’s stock price shot up 2% during mid-day trading on Friday . The stock traded as high as $19.97 and last traded at $19.93. 811,065 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 849,668 shares. The stock had previously closed at $19.54.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Needham & Company LLC boosted their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 9th. JMP Securities initiated coverage on shares of Penguin Solutions in a report on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective on the stock. Loop Capital assumed coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price objective on the stock. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Finally, Barclays lifted their target price on shares of Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, January 9th. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $25.43.

Penguin Solutions Stock Up 2.0 %

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 firm has a fifty day simple moving average of $20.23. The stock has a market capitalization of $1.06 billion, a P/E ratio of -38.33 and a beta of 1.68.

Insider Buying and Selling

In other Penguin Solutions news, COO Jack A. Pacheco sold 6,667 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $22.14, for a total transaction of $147,607.38. Following the transaction, the chief operating officer now owns 231,548 shares in the company, valued at $5,126,472.72. This represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Joseph Gates Clark sold 2,131 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total value of $44,623.14. Following the completion of the sale, the senior vice president now owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. This trade represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,465 shares of company stock valued at $729,904. 2.60% of the stock is owned by company insiders.

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.