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.
Read Our Latest Stock Analysis on Penguin Solutions
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
(
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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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