Penguin Solutions (NASDAQ:PENG) Raised to “Strong-Buy” at Wall Street Zen

Penguin Solutions (NASDAQ:PENG) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts also recently issued reports on PENG. Zacks Research raised Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. Weiss Ratings raised Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 8th. Stifel Nicolaus upped their target price on Penguin Solutions from $66.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Needham & Company LLC increased their target price on Penguin Solutions from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Finally, Rosenblatt Securities raised their price target on Penguin Solutions from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.33.

Penguin Solutions Stock Performance

NASDAQ PENG opened at $60.41 on Friday. The firm has a 50-day moving average price of $61.96 and a two-hundred day moving average price of $35.72. Penguin Solutions has a 12-month low of $16.04 and a 12-month high of $89.86. The company has a market capitalization of $3.10 billion, a P/E ratio of 42.84 and a beta of 2.83. The company has a quick ratio of 1.10, a current ratio of 1.54 and a debt-to-equity ratio of 0.65.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.63 by $0.21. Penguin Solutions had a net margin of 6.44% and a return on equity of 28.23%. The company had revenue of $478.71 million for the quarter, compared to analysts’ expectations of $407.47 million. During the same period last year, the firm earned $0.52 earnings per share. Analysts anticipate that Penguin Solutions will post 2.08 earnings per share for the current year.

Insider Activity

In related news, SVP Anne Kuykendall sold 4,000 shares of Penguin Solutions stock in a transaction that occurred 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 transaction, the senior vice president directly owned 120,794 shares of the company’s stock, valued at $7,776,717.72. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the transaction, the director owned 58,975 shares of the company’s stock, 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. Over the last ninety days, insiders sold 65,574 shares of company stock valued at $3,069,722. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Penguin Solutions

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP bought a new position in Penguin Solutions in the third quarter valued at about $60,264,000. Invesco Ltd. raised its stake in Penguin Solutions by 596.8% during the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock worth $38,972,000 after acquiring an additional 1,706,482 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Penguin Solutions during the fourth quarter worth about $18,290,000. Ophir Asset Management Pty Ltd lifted its holdings in shares of Penguin Solutions by 234.3% in the fourth quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock worth $23,699,000 after acquiring an additional 849,178 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY lifted its holdings in shares of Penguin Solutions by 73.8% in the first quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock worth $28,250,000 after acquiring an additional 681,700 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.