Penguin Solutions (NASDAQ:PENG) Given "Buy" Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities has reaffirmed a "Buy" rating for Penguin Solutions (NASDAQ:PENG) with a price target of $30.00, indicating a potential upside of 34.41% from current levels.
• Despite a recent downgrade from Zacks Research to a "Hold" rating, several other analysts have set buy ratings and higher price targets, with an average target of $28.00.
• Penguin Solutions' stock recently increased by 5.5%, with a market cap of $1.17 billion and a current trading price around $22.32.

Penguin Solutions (NASDAQ:PENG - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Rosenblatt Securities in a report released on Tuesday,Benzinga reports. They presently have a $30.00 price objective on the stock. Rosenblatt Securities' target price would suggest a potential upside of 34.41% from the stock's current price.

Several other equities research analysts have also recently weighed in on the stock. Zacks Research cut shares of Penguin Solutions from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Stifel Nicolaus raised their price target on shares of Penguin Solutions from $27.00 to $31.00 and gave the stock a "buy" rating in a research note on Monday, October 6th. Wall Street Zen cut shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. JPMorgan Chase & Co. raised their price target on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Loop Capital raised their price objective on shares of Penguin Solutions from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Penguin Solutions currently has a consensus rating of "Moderate Buy" and an average target price of $28.00.

Penguin Solutions Stock Up 5.5%

NASDAQ PENG opened at $22.32 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.71 and a current ratio of 2.25. The firm has a 50-day simple moving average of $25.01 and a 200 day simple moving average of $21.41. Penguin Solutions has a twelve month low of $14.20 and a twelve month high of $29.80. The stock has a market cap of $1.17 billion, a PE ratio of 76.97 and a beta of 2.20.

Insider Buying and Selling at Penguin Solutions

In other news, EVP Jack A. Pacheco sold 63,447 shares of Penguin Solutions stock in a transaction on Monday, July 21st. The shares were sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the transaction, the executive vice president directly owned 227,231 shares of the company's stock, valued at $5,642,145.73. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Penguin Solutions

A number of hedge funds and other institutional investors have recently made changes to their positions in PENG. Crews Bank & Trust bought a new position in shares of Penguin Solutions during the first quarter worth $28,000. Raymond James Financial Inc. bought a new position in shares of Penguin Solutions during the second quarter worth $37,000. IFP Advisors Inc bought a new position in shares of Penguin Solutions during the first quarter worth $39,000. CWM LLC bought a new position in shares of Penguin Solutions during the first quarter worth $39,000. Finally, Virtus Advisers LLC bought a new position in shares of Penguin Solutions during the first quarter worth $43,000.

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.

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