The Goldman Sachs Group Forecasts Strong Price Appreciation for Penguin Solutions (NASDAQ:PENG) Stock

Penguin Solutions (NASDAQ:PENG - Get Free Report) had its target price lifted by analysts at The Goldman Sachs Group from $22.50 to $25.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. The Goldman Sachs Group's price target would suggest a potential upside of 3.73% from the company's current price.

A number of other analysts have also recently weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, July 3rd. JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price target on shares of Penguin Solutions in a research report on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Wednesday. Wall Street Zen raised shares of Penguin Solutions from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. initiated coverage on shares of Penguin Solutions in a research report on Monday, March 31st. They set a "neutral" rating and a $20.00 price target for the company. One research analyst has rated the stock with a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $25.75.

Penguin Solutions Stock Up 1.1%

Shares of NASDAQ:PENG traded up $0.27 during midday trading on Wednesday, hitting $24.10. 1,048,849 shares of the company's stock traded hands, compared to its average volume of 904,548. The firm's fifty day moving average price is $19.36 and its two-hundred day moving average price is $19.00. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.21 and a current ratio of 2.62. Penguin Solutions has a twelve month low of $14.20 and a twelve month high of $24.18. The company has a market cap of $1.26 billion, a PE 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 earnings per share for the quarter, topping 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 analysts' expectations of $330.82 million. On average, equities research analysts anticipate that Penguin Solutions will post 1.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Penguin Solutions

A number of institutional investors have recently added to or reduced their stakes in PENG. New York State Teachers Retirement System acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at about $248,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at about $779,000. Peregrine Capital Management LLC acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at about $4,616,000. Oregon Public Employees Retirement Fund acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at about $212,000. Finally, Crews Bank & Trust acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at about $28,000.

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.