Penguin Solutions (NASDAQ:PENG) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Penguin Solutions (NASDAQ:PENG) had its price objective increased by stock analysts at Rosenblatt Securities from $65.00 to $75.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 8.30% from the company’s current price.

PENG has been the subject of several other research reports. Barclays downgraded shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Weiss Ratings cut Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Stifel Nicolaus upped their price objective on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Wall Street Zen upgraded Penguin Solutions from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Finally, Zacks Research upgraded Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Penguin Solutions has an average rating of “Moderate Buy” and an average price target of $38.12.

Penguin Solutions Trading Up 12.7%

PENG stock traded up $7.78 during mid-day trading on Monday, reaching $69.25. 1,323,423 shares of the stock traded hands, compared to its average volume of 2,115,053. Penguin Solutions has a one year low of $16.04 and a one year high of $77.40. The stock has a market capitalization of $3.51 billion, a PE ratio of 95.88 and a beta of 2.83. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10. The business has a 50-day moving average price of $54.16 and a two-hundred day moving average price of $32.03.

Insider Transactions at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 10,351 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $58.87, for a total value of $609,363.37. Following the completion of the sale, the senior vice president directly owned 66,425 shares of the company’s stock, valued at $3,910,439.75. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 3,000 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 51,975 shares in the company, valued at approximately $2,546,775. The trade was a 5.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 83,120 shares of company stock valued at $3,486,734. Insiders own 2.90% of the company’s stock.

Institutional Trading of Penguin Solutions

Hedge funds have recently bought and sold shares of the stock. Allworth Financial LP boosted its position in Penguin Solutions by 41.4% during the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock valued at $47,000 after purchasing an additional 525 shares in the last quarter. Osaic Holdings Inc. grew its position in shares of Penguin Solutions by 20.8% in the 2nd quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after buying an additional 617 shares during the last quarter. Covestor Ltd raised its stake in shares of Penguin Solutions by 4.7% during the 4th quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after acquiring an additional 695 shares in the last quarter. M&T Bank Corp raised its stake in shares of Penguin Solutions by 7.0% during the 4th quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after acquiring an additional 706 shares in the last quarter. Finally, Optimize Financial Inc lifted its position in Penguin Solutions by 1.5% during the fourth quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock valued at $1,102,000 after acquiring an additional 808 shares during the last quarter.

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.