Penguin Solutions' (PENG) "Buy" Rating Reaffirmed at Needham & Company LLC

Penguin Solutions (NASDAQ:PENG - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $27.00 price objective on the stock. Needham & Company LLC's price target would suggest a potential upside of 27.42% from the stock's previous close.

Several other research firms have also issued reports on PENG. Wall Street Zen raised shares of Penguin Solutions from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a research note on Thursday, July 3rd. The Goldman Sachs Group decreased their price target on shares of Penguin Solutions from $26.00 to $22.50 and set a "buy" rating on the stock in a research note on Thursday, April 3rd. Finally, JPMorgan Chase & Co. started coverage on shares of Penguin Solutions in a research note on Monday, March 31st. They issued a "neutral" rating and a $20.00 price target on the stock. 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $24.94.

Penguin Solutions Trading Up 1.2%

PENG stock opened at $21.19 on Wednesday. The company's 50-day simple moving average is $19.10 and its 200-day simple moving average is $18.94. The company has a quick ratio of 2.21, a current ratio of 2.63 and a debt-to-equity ratio of 1.04. Penguin Solutions has a 52-week low of $14.20 and a 52-week high of $22.67. The firm has a market cap of $1.12 billion, a P/E ratio of -124.64 and a beta of 1.98.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Crews Bank & Trust purchased a new position in Penguin Solutions in the 1st quarter worth approximately $28,000. IFP Advisors Inc purchased a new position in Penguin Solutions in the 1st quarter worth approximately $39,000. CWM LLC purchased a new position in Penguin Solutions in the 1st quarter worth approximately $39,000. Virtus Advisers LLC purchased a new position in Penguin Solutions in the 1st quarter worth approximately $43,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Penguin Solutions during the 1st quarter worth approximately $62,000.

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.

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