Rosenblatt Securities Reaffirms “Buy” Rating for Penguin Solutions (NASDAQ:PENG)

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reaffirmed by equities researchers at Rosenblatt Securities in a research note issued to investors on Thursday,Benzinga reports. They currently have a $27.00 target price on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 45.87% from the company’s current price.

Several other analysts have also commented on PENG. Citizens Jmp raised Penguin Solutions to a “strong-buy” rating in a report on Monday, November 18th. The Goldman Sachs Group initiated coverage on shares of Penguin Solutions in a research note on Friday, November 1st. They set a “buy” rating and a $21.00 price objective on the stock. Stifel Nicolaus decreased their target price on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. JMP Securities started coverage on shares of Penguin Solutions in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 price target on the stock. Finally, Barclays cut their price objective on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $24.17.

Penguin Solutions Price Performance

PENG stock opened at $18.51 on Thursday. The stock has a market cap of $986.40 million, a P/E ratio of -18.51 and a beta of 1.74. Penguin Solutions has a 12 month low of $14.87 and a 12 month high of $29.81. The company has a fifty day simple moving average of $17.62. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.04). The business had revenue of $311.15 million during the quarter, compared to analysts’ expectations of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. As a group, sell-side analysts forecast that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Activity at Penguin Solutions

In related news, 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 completion of the transaction, the chief operating officer now owns 235,960 shares in the company, valued at $4,730,998. This represents a 5.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the transaction, the insider now directly owns 95,999 shares in the company, 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. 2.40% of the stock is owned by corporate 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.