Needham & Company LLC Forecasts Strong Price Appreciation for Penguin Solutions (NASDAQ:PENG) Stock

Penguin Solutions (NASDAQ:PENG - Free Report) had its price target increased by Needham & Company LLC from $27.00 to $30.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Rosenblatt Securities restated a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, July 3rd. JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price objective on shares of Penguin Solutions in a report on Wednesday, July 9th. Wall Street Zen downgraded shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Finally, Loop Capital lifted their price objective on shares of Penguin Solutions from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $27.13.

Penguin Solutions Trading Up 0.4%

PENG stock traded up $0.11 during midday trading on Tuesday, hitting $25.01. The stock had a trading volume of 236,591 shares, compared to its average volume of 871,739. The firm has a market cap of $1.31 billion, a P/E ratio of -89.25 and a beta of 1.98. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. Penguin Solutions has a 1-year low of $14.20 and a 1-year high of $25.94. The business has a fifty day moving average price of $20.65 and a two-hundred day moving average price of $19.36.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.17. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. The firm had revenue of $324,251 billion for the quarter, compared to analyst estimates of $330.82 million. On average, sell-side analysts predict that Penguin Solutions will post 1.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Penguin Solutions news, EVP Jack A. Pacheco sold 63,447 shares of the firm's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $24.83, for a total value of $1,575,389.01. Following the sale, the executive vice president owned 227,231 shares of the company's stock, valued at $5,642,145.73. This trade represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Penny Herscher sold 2,046 shares of Penguin Solutions stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total transaction of $52,009.32. Following the sale, the director directly owned 18,222 shares in the company, valued at $463,203.24. The trade was a 10.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,175 shares of company stock worth $1,644,448. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Penguin Solutions

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

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.