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

Penguin Solutions, Inc. (NASDAQ:PENG - Get Free Report) saw strong 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. 847,650 shares traded hands during 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 have also recently issued reports about the company. Rosenblatt Securities restated a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a report on Thursday, July 3rd. 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. JMP Securities restated a "market outperform" rating and issued a $26.00 price objective on shares of Penguin Solutions in a report on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price target on shares of Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, six have issued 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 target price of $25.75.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PENG. Crews Bank & Trust purchased a new stake in shares of Penguin Solutions in the 1st quarter valued at approximately $28,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Penguin Solutions during the first quarter worth $188,000. Allspring Global Investments Holdings LLC purchased a new position in Penguin Solutions in the first quarter valued at $779,000. Amalgamated Bank acquired a new stake in Penguin Solutions in the first quarter valued at $264,000. Finally, New York State Teachers Retirement System purchased a new stake in Penguin Solutions during the 1st quarter worth about $248,000.

Penguin Solutions Price Performance

The stock has a fifty day simple moving average of $19.22 and a 200-day simple moving average of $18.97. The company has a market capitalization of $1.25 billion, a PE ratio of -84.71 and a beta of 1.98. The company has a current ratio of 2.63, a quick ratio of 2.21 and a debt-to-equity ratio of 1.04.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.17. Penguin Solutions had a positive return on equity of 14.12% and a negative net margin of 0.68%. The firm had revenue of $324,251 billion during the quarter, compared to analysts' expectations of $330.82 million. Equities analysts anticipate that Penguin Solutions, Inc. will post 1.05 earnings per share 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.