Penguin Solutions (NASDAQ:PENG) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Penguin Solutions (NASDAQ:PENG) from a buy rating to a strong-buy rating in a research report released on Saturday.

Several other brokerages have also commented on PENG. Citigroup reaffirmed an “outperform” rating on shares of Penguin Solutions in a report on Wednesday, July 8th. Citizens Jmp increased their target price on Penguin Solutions from $65.00 to $85.00 and gave the company a “market outperform” rating in a report on Wednesday, July 8th. Needham & Company LLC raised their target price on Penguin Solutions from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 8th. Finally, Stifel Nicolaus upped their price target on shares of Penguin Solutions from $66.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Penguin Solutions has a consensus rating of “Moderate Buy” and a consensus target price of $63.33.

Penguin Solutions Trading Down 8.4%

NASDAQ:PENG opened at $60.41 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65. Penguin Solutions has a 12 month low of $16.04 and a 12 month high of $89.86. The company has a market cap of $3.10 billion, a PE ratio of 42.84 and a beta of 2.83. The company has a 50 day simple moving average of $61.96 and a two-hundred day simple moving average of $35.61.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Tuesday, July 7th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.21. The business had revenue of $478.71 million during the quarter, compared to analyst estimates of $407.47 million. Penguin Solutions had a net margin of 6.44% and a return on equity of 28.23%. During the same period in the previous year, the business earned $0.52 EPS. Research analysts forecast that Penguin Solutions will post 2.08 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Anne Kuykendall sold 4,000 shares of Penguin Solutions stock in a transaction on Monday, June 15th. The stock was sold at an average price of $64.38, for a total transaction of $257,520.00. Following the transaction, the senior vice president directly owned 120,794 shares in the company, valued at approximately $7,776,717.72. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sandeep Nayyar sold 12,893 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $45.09, for a total value of $581,345.37. Following the sale, the director directly owned 32,524 shares of the company’s stock, valued at $1,466,507.16. This represents a 28.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 65,574 shares of company stock valued at $3,069,722 in the last 90 days. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Penguin Solutions

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP bought a new stake in shares of Penguin Solutions during the 3rd quarter valued at $60,264,000. Invesco Ltd. lifted its stake in shares of Penguin Solutions by 596.8% during the 4th quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after buying an additional 1,706,482 shares in the last quarter. William Blair Investment Management LLC bought a new position in Penguin Solutions in the 4th quarter worth $18,290,000. Ophir Asset Management Pty Ltd boosted its holdings in Penguin Solutions by 234.3% in the 4th quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock worth $23,699,000 after buying an additional 849,178 shares during the period. Finally, Paradigm Capital Management Inc. NY increased its stake in Penguin Solutions by 73.8% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock worth $28,250,000 after buying an additional 681,700 shares in 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.