Needham & Company LLC Reaffirms Buy Rating for Penguin Solutions (NASDAQ:PENG)

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $27.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 49.58% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. began coverage on Penguin Solutions in a research note on Monday. They issued a “neutral” rating and a $20.00 target price on the stock. Loop Capital assumed coverage on Penguin Solutions in a research report on Tuesday, January 7th. They set a “buy” rating and a $30.00 price objective on the stock. Rosenblatt Securities reissued a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a report on Thursday, December 19th. Finally, Barclays boosted their target price on Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, January 9th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.75.

Penguin Solutions Trading Up 4.5 %

Shares of NASDAQ PENG opened at $18.05 on Thursday. The company has a quick ratio of 1.75, a current ratio of 2.33 and a debt-to-equity ratio of 1.61. The stock’s 50-day simple moving average is $19.55. The stock has a market capitalization of $961.90 million, a price-to-earnings ratio of -34.71 and a beta of 1.83. Penguin Solutions has a 12 month low of $14.87 and a 12 month high of $22.67.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Wednesday, April 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.19. The business had revenue of $365.52 million during the quarter, compared to analyst estimates of $344.44 million. Penguin Solutions had a negative net margin of 2.21% and a positive return on equity of 11.70%. Penguin Solutions’s revenue was up 28.3% on a year-over-year basis. On average, analysts predict that Penguin Solutions will post 1.05 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Jack A. Pacheco sold 3,219 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $20.00, for a total transaction of $64,380.00. Following the completion of the sale, the executive vice president now owns 231,548 shares of the company’s stock, valued at approximately $4,630,960. This represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Joseph Gates Clark sold 2,131 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the sale, the senior vice president now owns 89,469 shares of the company’s stock, valued at $1,873,480.86. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,684 shares of company stock worth $393,617 in the last ninety days. 2.60% of the stock is owned by insiders.

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.