Penguin Solutions (NASDAQ:PENG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Penguin Solutions (NASDAQ:PENG - Get Free Report) had its target price hoisted by analysts at JPMorgan Chase & Co. from $21.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential downside of 3.75% from the company's previous close.

Several other equities research analysts also recently commented on PENG. The Goldman Sachs Group lifted their target price on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Needham & Company LLC restated a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Wednesday, July 9th. JMP Securities reiterated a "market outperform" rating and issued a $26.00 price objective on shares of Penguin Solutions in a research note on Wednesday, July 9th. Wall Street Zen lowered shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, Rosenblatt Securities reissued 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, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $26.75.

Penguin Solutions Stock Performance

PENG traded up $0.51 during trading on Thursday, reaching $24.94. The company's stock had a trading volume of 561,769 shares, compared to its average volume of 911,222. The company's fifty day moving average price is $20.21 and its 200-day moving average price is $19.22. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -89.07 and a beta of 1.98. Penguin Solutions has a 52-week low of $14.20 and a 52-week high of $25.94. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.24 and a current ratio of 2.62.

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

Insiders Place Their Bets

In other news, Director Penny Herscher sold 2,046 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total transaction of $52,009.32. Following the transaction, the director owned 18,222 shares of the company's stock, valued at $463,203.24. This represents a 10.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Penguin Solutions

A number of large investors have recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. purchased a new position in shares of Penguin Solutions in the second quarter worth about $1,122,000. State of Alaska Department of Revenue grew its stake in shares of Penguin Solutions by 6.3% in the second quarter. State of Alaska Department of Revenue now owns 31,383 shares of the company's stock worth $621,000 after acquiring an additional 1,855 shares during the period. North Star Investment Management Corp. bought a new stake in Penguin Solutions during the second quarter valued at approximately $1,550,000. GAMMA Investing LLC purchased a new position in shares of Penguin Solutions in the second quarter worth $158,000. Finally, UMB Bank n.a. purchased a new stake in Penguin Solutions during the second quarter valued at $44,000.

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.