JPMorgan Chase & Co. Increases Penguin Solutions (NASDAQ:PENG) Price Target to $24.00

Penguin Solutions (NASDAQ:PENG - Get Free Report) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $21.00 to $24.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential downside of 4.02% from the stock's current price.

A number of other equities analysts have also recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Loop Capital set a $35.00 target price on shares of Penguin Solutions and gave the stock a "buy" rating in a research report on Monday. Wall Street Zen cut shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Rosenblatt Securities reiterated a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, July 3rd. Finally, Needham & Company LLC reissued a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a report on Wednesday, July 9th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $26.75.

Penguin Solutions Stock Performance

Shares of NASDAQ PENG traded up $0.38 during trading hours on Thursday, hitting $25.01. 346,201 shares of the stock were exchanged, compared to its average volume of 909,509. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24. The company's 50 day moving average is $19.93 and its 200 day moving average is $19.14. The firm has a market capitalization of $1.31 billion, a P/E ratio of -89.26 and a beta of 1.98. Penguin Solutions has a one year low of $14.20 and a one year high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings results 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. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. The firm had revenue of $324,251 billion during the quarter, compared to the consensus estimate of $330.82 million. On average, research analysts expect that Penguin Solutions will post 1.05 EPS for the current year.

Institutional Trading of Penguin Solutions

Institutional investors have recently made changes to their positions in the business. Crews Bank & Trust bought a new position in Penguin Solutions during the first quarter worth $28,000. IFP Advisors Inc acquired a new position in Penguin Solutions during the first quarter worth about $39,000. CWM LLC acquired a new position in shares of Penguin Solutions in the first quarter valued at approximately $39,000. Virtus Advisers LLC acquired a new position in shares of Penguin Solutions in the first quarter valued at approximately $43,000. Finally, UMB Bank n.a. acquired a new stake in Penguin Solutions during the 2nd quarter valued at approximately $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.