Penguin Solutions (NASDAQ:PENG) Given Average Rating of "Buy" by Brokerages

Penguin Solutions (NASDAQ:PENG - Get Free Report) has earned an average recommendation of "Buy" from the nine ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $24.94.

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Penguin Solutions from $26.00 to $22.50 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen raised shares of Penguin Solutions from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, April 3rd. JPMorgan Chase & Co. started coverage on Penguin Solutions in a research note on Monday, March 31st. They issued a "neutral" rating and a $20.00 target price on the stock. Finally, Rosenblatt Securities restated a "buy" rating and set a $27.00 price target on shares of Penguin Solutions in a report on Thursday, April 17th.

Penguin Solutions Stock Performance

Shares of NASDAQ PENG traded up $0.37 during mid-day trading on Wednesday, hitting $20.38. The company had a trading volume of 972,078 shares, compared to its average volume of 863,501. The stock's 50-day moving average price is $17.52 and its 200-day moving average price is $18.80. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -39.19 and a beta of 1.97. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61. Penguin Solutions has a 1 year low of $14.20 and a 1 year high of $22.67.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its earnings results on Wednesday, April 2nd. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.33 by $0.19. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. The business had revenue of $365.52 million during the quarter, compared to analysts' expectations of $344.44 million. The firm's revenue was up 28.3% on a year-over-year basis. On average, sell-side analysts forecast that Penguin Solutions will post 1.05 earnings per share for the current year.

Insiders Place Their Bets

In other Penguin Solutions news, EVP Jack A. Pacheco sold 3,219 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $20.00, for a total transaction of $64,380.00. Following the completion of the transaction, the executive vice president now owns 231,548 shares in the company, valued at $4,630,960. The trade was a 1.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Penguin Solutions

Several institutional investors have recently made changes to their positions in PENG. Crews Bank & Trust purchased a new stake in Penguin Solutions during the first quarter worth $28,000. IFP Advisors Inc purchased a new stake in shares of Penguin Solutions during the 1st quarter worth $39,000. CWM LLC bought a new stake in Penguin Solutions during the first quarter valued at about $39,000. Virtus Advisers LLC purchased a new position in Penguin Solutions in the first quarter valued at about $43,000. Finally, PNC Financial Services Group Inc. bought a new position in Penguin Solutions in the first quarter worth about $62,000.

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.