Needham & Company LLC Reiterates Buy Rating for Penguin Solutions (NASDAQ:PENG)

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $27.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 13.30% from the stock’s current price.

Several other research analysts have also recently issued reports on PENG. Wall Street Zen raised shares of Penguin Solutions from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. started coverage on shares of Penguin Solutions in a report on Monday, March 31st. They set a “neutral” rating and a $20.00 price target for the company. Rosenblatt Securities reissued a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a report on Thursday, July 3rd. Finally, The Goldman Sachs Group cut 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 research analyst has rated the stock with a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Penguin Solutions presently has a consensus rating of “Buy” and an average price target of $25.75.

Penguin Solutions Stock Performance

NASDAQ PENG opened at $23.83 on Wednesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.21. Penguin Solutions has a 1 year low of $14.20 and a 1 year high of $23.98. The company has a market capitalization of $1.25 billion, a PE ratio of -85.10 and a beta of 1.98. The company has a fifty day moving average of $19.36 and a two-hundred day moving average of $19.00.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $324,251 billion during the quarter, compared to analysts’ expectations of $330.82 million. As a group, analysts expect that Penguin Solutions will post 1.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PENG. Crews Bank & Trust purchased a new position in Penguin Solutions in the first quarter valued at about $28,000. IFP Advisors Inc acquired a new stake in shares of Penguin Solutions in the first quarter valued at approximately $39,000. CWM LLC acquired a new stake in shares of Penguin Solutions in the first quarter valued at approximately $39,000. Virtus Advisers LLC acquired a new stake in shares of Penguin Solutions in the first quarter valued at approximately $43,000. Finally, UMB Bank n.a. acquired a new stake in shares of Penguin Solutions in the second quarter valued at approximately $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.