Rosenblatt Securities Reaffirms “Buy” Rating for Penguin Solutions (NASDAQ:PENG)

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reiterated by investment analysts at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They currently have a $27.00 price target on the stock. Rosenblatt Securities’ price objective points to a potential upside of 70.03% from the stock’s current price.

PENG has been the subject of a number of other research reports. Barclays boosted their target price on Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. JPMorgan Chase & Co. assumed coverage on shares of Penguin Solutions in a research report on Monday, March 31st. They set a “neutral” rating and a $20.00 price target for the company. Loop Capital began coverage on Penguin Solutions in a research note on Tuesday, January 7th. They issued a “buy” rating and a $30.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group lowered their price target on shares of Penguin Solutions from $26.00 to $22.50 and set a “buy” rating for the company in a report on Thursday, April 3rd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penguin Solutions presently has an average rating of “Buy” and an average price target of $24.94.

Penguin Solutions Price Performance

Shares of PENG opened at $15.88 on Thursday. Penguin Solutions has a 1-year low of $14.20 and a 1-year high of $22.67. The stock has a market capitalization of $852.41 million, a P/E ratio of -30.54 and a beta of 1.83. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. The company has a 50 day moving average of $18.37.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings data on Wednesday, April 2nd. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.19. Penguin Solutions had a negative net margin of 2.21% and a positive return on equity of 11.70%. The firm had revenue of $365.52 million for the quarter, compared to analysts’ expectations of $344.44 million. The company’s revenue for the quarter was up 28.3% on a year-over-year basis. On average, equities analysts anticipate that Penguin Solutions will post 1.05 earnings per share for the current year.

Insider Transactions at Penguin Solutions

In other news, SVP Joseph Gates Clark sold 2,131 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total value of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at $1,873,480.86. The trade was a 2.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jack A. Pacheco sold 3,219 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $20.00, for a total value of $64,380.00. Following the completion of the sale, the executive vice president now owns 231,548 shares in the company, valued at $4,630,960. The trade was a 1.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,684 shares of company stock valued at $393,617 in the last three months. 2.60% of the stock is currently owned by company insiders.

Penguin Solutions Company Profile

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.