The Goldman Sachs Group Issues Pessimistic Forecast for Penguin Solutions (NASDAQ:PENG) Stock Price

Penguin Solutions (NASDAQ:PENG) had its target price cut by The Goldman Sachs Group from $26.00 to $22.50 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

PENG has been the topic of a number of other 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. Loop Capital assumed 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 restated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a research report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a report on Thursday. Finally, JPMorgan Chase & Co. initiated coverage on Penguin Solutions in a research note on Monday, March 31st. They issued a “neutral” rating and a $20.00 price objective for the company. One research 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, the company currently has a consensus rating of “Buy” and an average target price of $24.94.

Penguin Solutions Trading Down 6.2 %

NASDAQ:PENG opened at $15.19 on Thursday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33. The firm’s 50-day simple moving average is $19.35. Penguin Solutions has a twelve month low of $14.23 and a twelve month high of $22.67. The company has a market cap of $809.49 million, a price-to-earnings ratio of -29.21 and a beta of 1.83.

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

Insider Activity at Penguin Solutions

In other news, SVP Joseph Gates Clark sold 2,131 shares of the 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 transaction, the senior vice president now owns 89,469 shares in the company, valued at $1,873,480.86. This represents a 2.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jack A. Pacheco sold 6,667 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $20.55, for a total transaction of $137,006.85. Following 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 position. The disclosure for this sale can be found here. Over the last 90 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.