Brokerages Set Penguin Solutions (NASDAQ:PENG) Target Price at $23.60

Penguin Solutions (NASDAQ:PENG) has earned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $24.17.

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reduced their target price on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Barclays decreased their target price on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Rosenblatt Securities restated a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a report on Thursday, December 19th. JMP Securities initiated coverage on Penguin Solutions in a research note on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective for the company. Finally, Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th.

Insider Activity

In other news, COO Jack A. Pacheco sold 13,334 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $20.05, for a total transaction of $267,346.70. Following the completion of the sale, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,730,998. The trade was a 5.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Gates Clark sold 2,264 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the transaction, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Penguin Solutions Stock Up 0.2 %

NASDAQ:PENG opened at $19.47 on Wednesday. Penguin Solutions has a 52 week low of $14.87 and a 52 week high of $29.81. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65. The stock’s fifty day moving average price is $17.65. The firm has a market capitalization of $1.04 billion, a PE ratio of -19.47 and a beta of 1.74.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The firm had revenue of $311.15 million for the quarter, compared to analysts’ expectations of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. On average, sell-side analysts expect that Penguin Solutions will post 1.33 EPS for the current fiscal year.

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.