JPMorgan Chase & Co. Issues Positive Forecast for Penguin Solutions (NASDAQ:PENG) Stock Price

Penguin Solutions (NASDAQ:PENG - Free Report) had its price target hoisted by JPMorgan Chase & Co. from $18.00 to $21.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC reissued a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Wednesday. The Goldman Sachs Group upped their price target on Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday. JMP Securities restated a "market outperform" rating and issued a $26.00 price target on shares of Penguin Solutions in a research report on Wednesday. Wall Street Zen raised Penguin Solutions from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, Rosenblatt Securities restated a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, July 3rd. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $25.75.

Penguin Solutions Stock Performance

NASDAQ PENG traded up $0.27 during trading hours on Wednesday, reaching $24.10. 1,048,849 shares of the company were exchanged, compared to its average volume of 904,549. The business's 50 day simple moving average is $19.50 and its 200-day simple moving average is $19.03. The company has a quick ratio of 2.21, a current ratio of 2.62 and a debt-to-equity ratio of 1.08. Penguin Solutions has a 1 year low of $14.20 and a 1 year high of $24.18. The stock has a market capitalization of $1.26 billion, a P/E ratio of -86.07 and a beta of 1.98.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.17. The company had revenue of $324,251 billion for the quarter, compared to analysts' expectations of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. On average, equities research analysts expect that Penguin Solutions will post 1.05 earnings per share for the current year.

Institutional Investors Weigh In On Penguin Solutions

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. purchased a new stake in shares of Penguin Solutions in the 1st quarter valued at approximately $111,458,000. Alliancebernstein L.P. purchased a new position in Penguin Solutions during the 1st quarter worth approximately $28,919,000. Paradigm Capital Management Inc. NY purchased a new stake in Penguin Solutions in the first quarter valued at approximately $19,545,000. Think Investments LP purchased a new position in shares of Penguin Solutions during the first quarter worth approximately $15,713,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Penguin Solutions during the 1st quarter worth $14,786,000.

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.