Penguin Solutions (NASDAQ:PENG) Earns “Buy” Rating from Needham & Company LLC

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $27.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 77.75% from the company’s previous close.

A number of other analysts also recently commented on the company. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, December 19th. Loop Capital initiated coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They set a “buy” rating and a $30.00 target price for the company. Barclays lifted their target price on shares of Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Penguin Solutions in a research report on Monday, March 31st. They issued a “neutral” rating and a $20.00 price target on the stock. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Penguin Solutions presently has a consensus rating of “Buy” and a consensus price target of $24.94.

Penguin Solutions Stock Down 6.2 %

Shares of NASDAQ PENG opened at $15.19 on Thursday. The firm has a market capitalization of $809.49 million, a PE ratio of -29.21 and a beta of 1.83. Penguin Solutions has a 52 week low of $14.23 and a 52 week high of $22.67. The company has a 50-day moving average of $19.35. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75.

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, beating analysts’ consensus estimates of $0.33 by $0.19. The company 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%. Penguin Solutions’s revenue for the quarter was up 28.3% on a year-over-year basis. Equities research analysts expect that Penguin Solutions will post 1.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Joseph Gates Clark sold 2,131 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total transaction of $44,623.14. Following the sale, the senior vice president now owns 89,469 shares in the company, valued at $1,873,480.86. This trade represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jack A. Pacheco sold 6,667 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $22.14, for a total value of $147,607.38. Following the completion of the transaction, the chief operating officer now owns 231,548 shares of the company’s stock, valued at $5,126,472.72. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,684 shares of company stock valued at $393,617 in the last ninety days. 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.