Penguin Solutions (NASDAQ:PENG) Shares Gap Up Following Analyst Upgrade

Penguin Solutions (NASDAQ:PENG) gapped up prior to trading on Friday after Barclays raised their price target on the stock from $22.00 to $23.00. The stock had previously closed at $19.13, but opened at $21.50. Barclays currently has an overweight rating on the stock. Penguin Solutions shares last traded at $20.80, with a volume of 632,646 shares trading hands.

Several other research analysts also recently commented on the stock. JMP Securities started coverage on shares of Penguin Solutions in a report on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective for the company. Stifel Nicolaus cut their price target on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Needham & Company LLC raised their target price on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday. Rosenblatt Securities restated a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, December 19th. Finally, Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a report on Monday, November 18th. Six research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $25.43.

Insider Transactions at Penguin Solutions

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total value 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jack A. Pacheco sold 6,666 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.00, for a total transaction of $133,320.00. Following the completion of the transaction, the chief operating officer now directly owns 235,960 shares in the company, valued at $4,719,200. This trade represents a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,264 shares of company stock valued at $440,287 in the last quarter. 2.60% of the stock is owned by insiders.

Penguin Solutions Stock Performance

The company has a current ratio of 2.65, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The business’s fifty day moving average is $18.57. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -20.92 and a beta of 1.69.

Penguin Solutions (NASDAQ:PENG) last posted its earnings results 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 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%. Equities analysts forecast that Penguin Solutions will post 1.33 EPS for the current fiscal year.

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.