Penguin Solutions (NASDAQ:PENG) Receives $24.94 Consensus Target Price from Brokerages

Shares of Penguin Solutions (NASDAQ:PENG) have received an average rating of “Buy” from the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $24.94.

PENG has been the topic of several analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a research note on Thursday, April 17th. The Goldman Sachs Group reduced their target price 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. JPMorgan Chase & Co. assumed coverage on shares of Penguin Solutions in a report on Monday, March 31st. They set a “neutral” rating and a $20.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, April 3rd.

Penguin Solutions Trading Down 1.8%

NASDAQ:PENG opened at $18.74 on Friday. The company has a market cap of $989.49 million, a PE ratio of -36.04 and a beta of 2.00. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61. The company has a 50 day simple moving average of $17.44 and a two-hundred day simple moving average of $18.66. Penguin Solutions has a 12 month low of $14.20 and a 12 month high of $22.67.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Wednesday, April 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.19. Penguin Solutions had a positive return on equity of 11.70% and a negative net margin of 2.21%. The business had revenue of $365.52 million for the quarter, compared to analysts’ expectations of $344.44 million. Penguin Solutions’s revenue was up 28.3% compared to the same quarter last year. Research analysts forecast that Penguin Solutions will post 1.05 earnings per share for the current year.

Insider Buying and Selling

In other Penguin Solutions news, EVP Jack A. Pacheco sold 3,219 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $20.00, for a total transaction of $64,380.00. Following the completion of the sale, the executive vice president now directly owns 231,548 shares of the company’s stock, valued at $4,630,960. This trade represents a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Penguin Solutions

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. bought a new stake in Penguin Solutions in the 1st quarter valued at $111,458,000. Alliancebernstein L.P. bought a new position in shares of Penguin Solutions during the 1st quarter valued at about $28,919,000. Paradigm Capital Management Inc. NY purchased a new position in shares of Penguin Solutions during the first quarter valued at about $19,545,000. Think Investments LP bought a new stake in shares of Penguin Solutions in the first quarter worth about $15,713,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Penguin Solutions in the first quarter worth about $14,786,000.

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.