Needham & Company LLC Forecasts Strong Price Appreciation for Penguin Solutions (NASDAQ:PENG) Stock

Penguin Solutions (NASDAQ:PENG) had its price target raised by analysts at Needham & Company LLC from $25.00 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 30.75% from the company’s current price.

A number of other research firms also recently commented on PENG. JMP Securities started coverage on Penguin Solutions in a research note on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective on the stock. Barclays reduced 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. Citizens Jmp raised Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group started coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They issued a “buy” rating and a $21.00 target price on the stock. Six investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Penguin Solutions presently has a consensus rating of “Buy” and an average target price of $25.43.

Penguin Solutions Price Performance

Shares of Penguin Solutions stock opened at $20.65 on Thursday. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65. Penguin Solutions has a 1-year low of $14.87 and a 1-year high of $29.81. The firm’s fifty day simple moving average is $18.57. The company has a market cap of $1.10 billion, a P/E ratio of -20.65 and a beta of 1.69.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The company had revenue of $311.15 million for the quarter, compared to the consensus estimate 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, research analysts expect that Penguin Solutions will post 1.33 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Jack A. Pacheco sold 13,334 shares of Penguin Solutions stock in a transaction on Monday, December 9th. The shares were sold at an average price of $20.05, for a total value of $267,346.70. Following the completion of the sale, the chief operating officer now owns 235,960 shares of the company’s stock, valued at approximately $4,730,998. The trade was a 5.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Gates Clark sold 2,264 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the sale, the insider now owns 95,999 shares of the company’s stock, valued at $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,264 shares of company stock worth $440,287 in the last three months. 2.60% of the stock is owned by insiders.

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.