Penguin Solutions (NASDAQ:PENG) Given New $23.00 Price Target at Barclays

Penguin Solutions (NASDAQ:PENG) had its price objective upped by stock analysts at Barclays from $22.00 to $23.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 20.23% from the company’s previous close.

Several other research analysts have also issued reports on the company. Needham & Company LLC increased their price target on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. The Goldman Sachs Group began coverage on Penguin Solutions in a report on Friday, November 1st. They issued a “buy” rating and a $21.00 price target on the stock. Citizens Jmp upgraded Penguin Solutions to a “strong-buy” rating in a report on Monday, November 18th. Stifel Nicolaus cut their price target on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, Rosenblatt Securities restated a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Penguin Solutions has a consensus rating of “Buy” and a consensus target price of $25.43.

Penguin Solutions Stock Performance

Shares of PENG stock traded down $0.71 on Thursday, hitting $19.13. The company had a trading volume of 1,194,688 shares, compared to its average volume of 869,715. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -19.13 and a beta of 1.69. The company’s 50-day moving average price is $18.49. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65. Penguin Solutions has a twelve month low of $14.87 and a twelve month high of $29.81.

Penguin Solutions (NASDAQ:PENG) last issued its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.04). The company had revenue of $311.15 million during the quarter, compared to analyst estimates of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. Equities research analysts predict that Penguin Solutions will post 1.33 EPS for the current year.

Insiders Place Their Bets

In other news, COO Jack A. Pacheco sold 13,334 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $20.05, for a total transaction of $267,346.70. Following the completion of the transaction, the chief operating officer now directly owns 235,960 shares of the company’s stock, valued at approximately $4,730,998. This represents a 5.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Gates Clark sold 2,264 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the transaction, the insider now directly owns 95,999 shares of the company’s stock, valued at approximately $1,679,982.50. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,264 shares of company stock valued at $440,287 over the last quarter. 2.60% of the stock is owned by corporate insiders.

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.