Penguin Solutions (NASDAQ:PENG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Penguin Solutions (NASDAQ:PENG) from a hold rating to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

A number of other research firms also recently issued reports on PENG. Stifel Nicolaus lifted their target price on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Wall Street Zen raised Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Barclays downgraded Penguin Solutions from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Needham & Company LLC upped their price objective on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings downgraded Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Penguin Solutions has a consensus rating of “Moderate Buy” and an average price target of $36.88.

Penguin Solutions Stock Performance

Shares of PENG stock opened at $68.81 on Tuesday. Penguin Solutions has a 12 month low of $16.04 and a 12 month high of $77.40. The company’s fifty day simple moving average is $52.81 and its 200-day simple moving average is $31.45. The firm has a market cap of $3.49 billion, a PE ratio of 95.57 and a beta of 2.82. The company has a quick ratio of 1.55, a current ratio of 2.10 and a debt-to-equity ratio of 1.09.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The business had revenue of $343.00 million during the quarter, compared to the consensus estimate of $339.00 million. Equities research analysts expect that Penguin Solutions will post 1.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of Penguin Solutions stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $54.45, for a total transaction of $217,800.00. Following the completion of the transaction, the senior vice president directly owned 124,794 shares of the company’s stock, valued at $6,795,033.30. The trade was a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 8,000 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the completion of the transaction, the director owned 58,975 shares in the company, valued at approximately $2,653,875. This represents a 11.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 83,120 shares of company stock worth $3,486,734 in the last three months. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of Penguin Solutions

A number of hedge funds have recently modified their holdings of PENG. Farther Finance Advisors LLC lifted its position in Penguin Solutions by 187.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock worth $28,000 after acquiring an additional 946 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Penguin Solutions during the fourth quarter worth approximately $29,000. Raymond James Financial Inc. bought a new position in shares of Penguin Solutions during the second quarter worth approximately $37,000. Allworth Financial LP increased its stake in shares of Penguin Solutions by 41.4% during the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after purchasing an additional 525 shares during the period. Finally, Torren Management LLC acquired a new stake in Penguin Solutions during the 4th quarter worth approximately $48,000.

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.