Penguin Solutions (NASDAQ:PENG) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Penguin Solutions (NASDAQ:PENG) from a buy rating to a strong-buy rating in a research report sent to investors on Thursday.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group cut their target price on Penguin Solutions from $26.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, April 3rd. JPMorgan Chase & Co. began coverage on Penguin Solutions in a research report on Monday, March 31st. They set a “neutral” rating and a $20.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, April 3rd. Finally, Rosenblatt Securities restated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, April 17th. One research analyst has rated the stock with a hold rating, six have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $24.94.

Penguin Solutions Stock Down 2.2%

Shares of PENG opened at $17.64 on Thursday. The company has a quick ratio of 1.75, a current ratio of 2.33 and a debt-to-equity ratio of 1.61. The company has a 50-day moving average price of $17.45 and a two-hundred day moving average price of $18.68. The stock has a market cap of $931.41 million, a price-to-earnings ratio of -33.92 and a beta of 2.00. Penguin Solutions has a 12 month low of $14.20 and a 12 month high of $22.67.

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

Insider Activity

In other news, EVP Jack A. Pacheco sold 3,219 shares of Penguin Solutions stock in a transaction 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 directly owns 231,548 shares of the company’s stock, valued at approximately $4,630,960. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Penguin Solutions

Several hedge funds and other institutional investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at $2,248,000. Optimize Financial Inc acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at $1,756,000. Goldman Sachs Group Inc. acquired a new stake in shares of Penguin Solutions during the first quarter worth $3,259,000. Think Investments LP acquired a new stake in shares of Penguin Solutions during the first quarter worth $15,713,000. Finally, Needham Investment Management LLC acquired a new stake in shares of Penguin Solutions during the first quarter worth $1,737,000.

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.