Analysts Set Penguin Solutions (NASDAQ:PENG) Target Price at $24.94

Penguin Solutions (NASDAQ:PENG) has earned an average recommendation of “Buy” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $24.94.

PENG has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, April 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a report on Thursday, April 3rd. Wall Street Zen upgraded shares of Penguin Solutions from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. The Goldman Sachs Group lowered their price target on shares of Penguin Solutions from $26.00 to $22.50 and set a “buy” rating on the stock in a research report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Penguin Solutions in a report on Monday, March 31st. They issued a “neutral” rating and a $20.00 price objective for the company.

Penguin Solutions Stock Performance

Shares of PENG stock opened at $19.28 on Wednesday. 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 has a market cap of $1.02 billion, a price-to-earnings ratio of -37.08 and a beta of 1.97. Penguin Solutions has a 52 week low of $14.20 and a 52 week high of $22.67. The firm’s 50-day simple moving average is $17.82 and its two-hundred day simple moving average is $18.85.

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

Insider Activity

In related news, EVP Jack A. Pacheco sold 3,219 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $20.00, for a total value of $64,380.00. Following the sale, the executive vice president now owns 231,548 shares in the company, valued at approximately $4,630,960. This trade represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PENG. South Dakota Investment Council purchased a new stake in shares of Penguin Solutions in the 1st quarter valued at about $1,143,000. Louisiana State Employees Retirement System purchased a new stake in Penguin Solutions in the first quarter valued at approximately $436,000. Segall Bryant & Hamill LLC bought a new stake in Penguin Solutions during the first quarter valued at approximately $1,900,000. Foundry Partners LLC purchased a new position in Penguin Solutions in the 1st quarter worth approximately $11,989,000. Finally, Principal Financial Group Inc. bought a new position in shares of Penguin Solutions in the 1st quarter worth $4,608,000.

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.