Penguin Solutions (NASDAQ:PENG) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Penguin Solutions (NASDAQ:PENG) have been given an average recommendation of “Buy” by the eight research firms that are covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $25.43.

A number of research firms have recently issued reports on PENG. Stifel Nicolaus reduced their price target on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, December 19th. Barclays upped their target price on shares of Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. JMP Securities initiated coverage on Penguin Solutions in a report on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on Penguin Solutions in a report on Friday, November 1st. They issued a “buy” rating and a $21.00 target price on the stock.

Penguin Solutions Stock Performance

PENG stock opened at $21.22 on Thursday. The firm’s 50 day moving average price is $19.79. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -40.81 and a beta of 1.68. Penguin Solutions has a one year low of $14.87 and a one year high of $29.81.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total value of $44,623.14. Following the transaction, the senior vice president now owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. This represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jack A. Pacheco sold 13,334 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $20.05, for a total transaction of $267,346.70. Following the sale, the chief operating officer now directly owns 235,960 shares of the company’s stock, valued at $4,730,998. This represents a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,062 shares of company stock valued at $621,917 in the last quarter. Insiders own 2.60% of the company’s stock.

Penguin Solutions Company Profile

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.