Penguin Solutions (NASDAQ:PENG) Sees Strong Trading Volume on Analyst Upgrade

Penguin Solutions, Inc. (NASDAQ:PENG - Get Free Report) shares saw unusually-high trading volume on Wednesday 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. Approximately 847,650 shares were traded during mid-day trading, a decline of 4% from the previous session's volume of 883,563 shares.The stock last traded at $21.73 and had previously closed at $21.19.

Other equities analysts also recently issued reports about the stock. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Thursday, July 3rd. Wall Street Zen upgraded Penguin Solutions from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Needham & Company LLC restated a "buy" rating and set a $27.00 price target on shares of Penguin Solutions in a report on Wednesday. JMP Securities reiterated a "market outperform" rating and set a $26.00 target price on shares of Penguin Solutions in a report on Wednesday. Finally, The Goldman Sachs Group boosted their price objective on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a report on Wednesday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Penguin Solutions has an average rating of "Buy" and a consensus price target of $25.75.

Institutional Trading of Penguin Solutions

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. purchased a new position in Penguin Solutions in the 1st quarter worth approximately $3,259,000. Voya Investment Management LLC boosted its position in shares of Penguin Solutions by 34.1% during the first quarter. Voya Investment Management LLC now owns 29,202 shares of the company's stock worth $507,000 after acquiring an additional 7,421 shares during the last quarter. Inspire Investing LLC purchased a new position in Penguin Solutions during the first quarter valued at $407,000. Rhumbline Advisers bought a new stake in Penguin Solutions in the 1st quarter valued at $2,639,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Penguin Solutions in the 1st quarter worth $2,248,000.

Penguin Solutions Trading Up 10.6%

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 stock has a 50-day moving average price of $19.22 and a two-hundred day moving average price of $18.97. The stock has a market cap of $1.24 billion, a PE ratio of 18.11 and a beta of 1.98.

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.