Penguin Solutions (NASDAQ:PENG) Coverage Initiated at JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of Penguin Solutions (NASDAQ:PENG) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $20.00 price target on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 15.81% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, January 9th. Loop Capital initiated coverage on Penguin Solutions in a report on Tuesday, January 7th. They set a “buy” rating and a $30.00 price objective on the stock. Needham & Company LLC upped their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, January 9th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a research note on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Penguin Solutions presently has a consensus rating of “Buy” and an average price target of $24.75.

Penguin Solutions Price Performance

Shares of Penguin Solutions stock opened at $17.27 on Monday. The company’s 50 day moving average is $19.62. The company has a market capitalization of $920.34 million, a price-to-earnings ratio of -33.21 and a beta of 1.70. Penguin Solutions has a 1 year low of $14.87 and a 1 year high of $22.67. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61.

Insider Activity

In related news, COO Jack A. Pacheco sold 6,667 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $20.55, for a total transaction of $137,006.85. Following the completion of the transaction, the chief operating officer now owns 231,548 shares in the company, valued at $4,758,311.40. This represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Joseph Gates Clark sold 2,131 shares of Penguin Solutions stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the sale, the senior vice president now owns 89,469 shares in the company, valued at approximately $1,873,480.86. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,684 shares of company stock valued at $393,617. Insiders own 2.60% of the company’s stock.

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.