Penguin Solutions (NASDAQ:PENG) Hits New 12-Month High Following Analyst Upgrade

Penguin Solutions, Inc. (NASDAQ:PENG - Get Free Report)'s stock price reached 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 changing hands. The stock had previously closed at $21.19.

PENG has been the topic of several other reports. 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 research report on Wednesday. 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. JMP Securities reaffirmed a "market outperform" rating and issued a $26.00 price target on shares of Penguin Solutions in a report on Wednesday. Wall Street Zen upgraded Penguin Solutions from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Finally, Needham & Company LLC restated a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $25.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PENG. Vanguard Group Inc. bought a new position in Penguin Solutions during the 1st quarter valued at about $111,458,000. Alliancebernstein L.P. bought a new position in shares of Penguin Solutions in the first quarter valued at approximately $28,919,000. Paradigm Capital Management Inc. NY bought a new stake in Penguin Solutions during the 1st quarter worth approximately $19,545,000. Think Investments LP acquired a new stake in Penguin Solutions during the 1st quarter valued at $15,713,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in Penguin Solutions in the first quarter worth $14,786,000.

Penguin Solutions Trading Up 10.6%

The business has a 50 day simple moving average of $19.22 and a 200 day simple moving average of $18.97. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.63 and a quick ratio of 2.21. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -83.68 and a beta of 1.98.

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

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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