Rosenblatt Securities Reaffirms Buy Rating for Penguin Solutions (NASDAQ:PENG)

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a research note issued to investors on Friday, Benzinga reports. They currently have a $80.00 target price on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 45.51% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Barclays downgraded shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price objective for the company. in a research report on Monday, July 20th. Citizens Jmp increased their target price on shares of Penguin Solutions from $65.00 to $85.00 and gave the company a “market outperform” rating in a report on Wednesday, July 8th. Citigroup reaffirmed an “outperform” rating on shares of Penguin Solutions in a report on Wednesday, July 8th. Needham & Company LLC increased their target price on shares of Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Finally, Zacks Research cut shares of Penguin Solutions from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.17.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG opened at $54.98 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.54 and a debt-to-equity ratio of 0.65. The company has a market cap of $2.82 billion, a P/E ratio of 38.99 and a beta of 2.86. Penguin Solutions has a 52 week low of $16.04 and a 52 week high of $89.86. The company has a 50-day moving average price of $53.08 and a 200 day moving average price of $48.63.

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

Insider Buying and Selling

In other news, SVP Joseph Clark sold 1,327 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total transaction of $76,262.69. Following the completion of the transaction, the senior vice president directly owned 63,056 shares of the company’s stock, valued at $3,623,828.32. This trade represents a 2.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 that occurred on Monday, August 24th. The stock was sold at an average price of $50.58, for a total transaction of $202,320.00. Following the transaction, the senior vice president directly owned 112,994 shares of the company’s stock, valued at approximately $5,715,236.52. This trade represents a 3.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Penguin Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in shares of Penguin Solutions in the 2nd quarter valued at $26,000. Allworth Financial LP acquired a new position in shares of Penguin Solutions in the 2nd quarter valued at $37,000. Nykredit A S acquired a new position in shares of Penguin Solutions in the 2nd quarter valued at $42,000. Public Employees Retirement System of Ohio acquired a new position in shares of Penguin Solutions in the 2nd quarter valued at $74,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Penguin Solutions in the 2nd quarter valued at $92,000.

About Penguin Solutions

Penguin Solutions, Inc provides intelligent infrastructure solutions for artificial intelligence, high-performance computing, enterprise data centers and other demanding technology environments. The company combines specialized hardware, software and professional services to help organizations design, deploy and manage complex computing infrastructure.

Its offerings include AI and high-performance computing systems, servers, storage and networking infrastructure, as well as software and services for infrastructure management, optimization and support.