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

Penguin Solutions (NASDAQ:PENG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC upped their price target on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Rosenblatt Securities boosted their price objective on Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Barclays lowered Penguin Solutions from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Stifel Nicolaus boosted their price target on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings cut shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.88.

Penguin Solutions Trading Down 9.5%

Shares of Penguin Solutions stock opened at $68.81 on Tuesday. The firm has a 50-day simple moving average of $52.81 and a two-hundred day simple moving average of $31.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10. Penguin Solutions has a fifty-two week low of $16.04 and a fifty-two week high of $77.40. The company has a market cap of $3.49 billion, a P/E ratio of 95.57 and a beta of 2.82.

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

Insider Transactions at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 10,351 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the completion of the transaction, the senior vice president directly owned 66,425 shares of the company’s stock, valued at approximately $3,910,439.75. This represents a 13.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the transaction, the senior vice president owned 120,794 shares in the company, valued at $7,776,717.72. The trade was a 3.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 83,120 shares of company stock valued at $3,486,734 over the last ninety days. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its position in Penguin Solutions by 3.2% during the fourth quarter. State Street Corp now owns 2,957,938 shares of the company’s stock worth $57,857,000 after acquiring an additional 91,805 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Penguin Solutions by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock valued at $46,726,000 after acquiring an additional 95,585 shares during the last quarter. Invesco Ltd. raised its holdings in Penguin Solutions by 596.8% in the 4th quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after acquiring an additional 1,706,482 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its stake in Penguin Solutions by 73.8% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock worth $28,250,000 after purchasing an additional 681,700 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Penguin Solutions by 35.3% in the 3rd quarter. American Century Companies Inc. now owns 1,294,279 shares of the company’s stock worth $34,014,000 after purchasing an additional 337,564 shares in 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.