Penguin Solutions (NASDAQ:PENG) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of Penguin Solutions (NASDAQ:PENG) from a strong-buy rating to a buy rating in a research report released on Sunday morning.

Other analysts have also issued reports about the company. Needham & Company LLC raised their target price on Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Citigroup reiterated an “outperform” rating on shares of Penguin Solutions in a research report on Wednesday, July 8th. Stifel Nicolaus increased their price objective on shares of Penguin Solutions from $66.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Rosenblatt Securities raised their price objective on shares of Penguin Solutions from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Finally, Barclays downgraded shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 target price for the company. in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Penguin Solutions presently has an average rating of “Moderate Buy” and a consensus price target of $63.33.

Penguin Solutions Stock Performance

NASDAQ:PENG opened at $48.13 on Friday. Penguin Solutions has a 1 year low of $16.04 and a 1 year high of $89.86. The firm has a 50 day moving average of $63.14 and a 200-day moving average of $37.43. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $2.47 billion, a P/E ratio of 34.13 and a beta of 2.83.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.21. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The business had revenue of $478.71 million for the quarter, compared to analyst estimates of $407.47 million. During the same period in the prior year, the company earned $0.52 EPS. As a group, sell-side analysts anticipate that Penguin Solutions will post 2.08 EPS for the current fiscal year.

Insider Buying and Selling at Penguin Solutions

In related news, Director Sandeep Nayyar sold 12,893 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $45.09, for a total transaction of $581,345.37. Following the completion of the sale, the director directly owned 32,524 shares of the company’s stock, valued at $1,466,507.16. The trade was a 28.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Joseph Gates Clark sold 10,351 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $58.87, for a total transaction of $609,363.37. Following the completion of the transaction, the senior vice president owned 66,425 shares in the company, valued at $3,910,439.75. This represents a 13.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 59,678 shares of company stock valued at $2,935,614. 2.90% of the stock is currently owned by company insiders.

Institutional Trading of Penguin Solutions

Institutional investors have recently bought and sold shares of the business. Allworth Financial LP lifted its holdings in shares of Penguin Solutions by 41.4% in the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock valued at $47,000 after purchasing an additional 525 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of Penguin Solutions by 20.8% during the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after buying an additional 617 shares in the last quarter. Covestor Ltd grew its holdings in shares of Penguin Solutions by 4.7% during the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after buying an additional 695 shares in the last quarter. M&T Bank Corp raised its position in Penguin Solutions by 7.0% in the 4th quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock valued at $212,000 after buying an additional 706 shares during the last quarter. Finally, Optimize Financial Inc raised its position in Penguin Solutions by 1.5% in the 4th quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock valued at $1,102,000 after buying an additional 808 shares during the last quarter.

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.