Penguin Solutions (NASDAQ:PENG) Reaches New 1-Year High After 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.

A number of other research firms also recently weighed in on PENG. Rosenblatt Securities restated a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a research note on Thursday, July 3rd. JMP Securities reissued a "market outperform" rating and issued a $26.00 target price on shares of Penguin Solutions in a research note on Wednesday. The Goldman Sachs Group boosted their target price on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a report on Wednesday. Needham & Company LLC reiterated a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a research note on Wednesday. Finally, 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. 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. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $25.75.

Hedge Funds Weigh In On Penguin Solutions

Several large investors have recently modified their holdings of the stock. Crews Bank & Trust bought a new position in Penguin Solutions in the 1st quarter valued at about $28,000. IFP Advisors Inc acquired a new position in shares of Penguin Solutions in the first quarter valued at approximately $39,000. UMB Bank n.a. bought a new position in shares of Penguin Solutions during the second quarter worth approximately $44,000. CWM LLC bought a new stake in Penguin Solutions in the 1st quarter valued at $39,000. Finally, Virtus Advisers LLC acquired a new position in Penguin Solutions in the 1st quarter valued at $43,000.

Penguin Solutions Stock Up 1.1%

The company has a current ratio of 2.62, a quick ratio of 2.21 and a debt-to-equity ratio of 1.08. The firm has a 50-day simple moving average of $19.50 and a two-hundred day simple moving average of $19.03. The stock has a market cap of $1.26 billion, a P/E ratio of -86.07 and a beta of 1.98.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.17. The business had revenue of $324,251 billion during the quarter, compared to analysts' expectations of $330.82 million. Penguin Solutions had a positive return on equity of 13.27% and a negative net margin of 0.68%. Equities research analysts expect that Penguin Solutions, Inc. will post 1.05 earnings per share for the current fiscal 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.