Penguin Solutions (NASDAQ:PENG) Reaches New 52-Week High on Analyst Upgrade

Penguin Solutions, Inc. (NASDAQ:PENG - Get Free Report) hit a new 52-week high during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $18.00 to $21.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Penguin Solutions traded as high as $23.59 and last traded at $23.43, with a volume of 4210723 shares trading hands. The stock had previously closed at $21.19.

A number of other research firms have also recently commented on PENG. Rosenblatt Securities reissued a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, July 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Wednesday. Wall Street Zen raised shares of Penguin Solutions from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. The Goldman Sachs Group raised their price target on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $26.00 price target on shares of Penguin Solutions in a report on Wednesday. One analyst has rated the stock with a hold rating, six have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Penguin Solutions presently has an average rating of "Buy" and a consensus target price of $25.75.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Peregrine Capital Management LLC purchased a new position in shares of Penguin Solutions during the first quarter worth $4,616,000. Allspring Global Investments Holdings LLC acquired a new stake in Penguin Solutions during the first quarter valued at $779,000. Oregon Public Employees Retirement Fund acquired a new stake in Penguin Solutions during the first quarter valued at $212,000. Crews Bank & Trust acquired a new stake in Penguin Solutions during the first quarter valued at $28,000. Finally, P.A.W. Capital Corp acquired a new stake in Penguin Solutions during the first quarter valued at $7,816,000.

Penguin Solutions Trading Up 1.7%

The company has a market cap of $1.26 billion, a price-to-earnings ratio of -85.10 and a beta of 1.98. The company has a quick ratio of 2.21, a current ratio of 2.63 and a debt-to-equity ratio of 1.04. The company's 50-day moving average is $19.22 and its 200 day moving average is $18.97.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.30 by $0.17. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 14.12%. The company had revenue of $324,251 billion for the quarter, compared to analyst estimates of $330.82 million. Research analysts predict that Penguin Solutions, Inc. will post 1.05 EPS for the current year.

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.