Penguin Solutions (NASDAQ:PENG) Sets New 1-Year High – Should You Buy?

Penguin Solutions, Inc. (NASDAQ:PENG) hit a new 52-week high on Wednesday . The stock traded as high as $25.94 and last traded at $24.84, with a volume of 1492386 shares traded. The stock had previously closed at $24.70.

Wall Street Analysts Forecast Growth

PENG has been the subject of several recent analyst reports. Wall Street Zen lowered Penguin Solutions from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 12th. Needham & Company LLC restated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Wednesday, July 9th. Loop Capital set a $35.00 target price on Penguin Solutions and gave the company a “buy” rating in a research report on Monday. JMP Securities restated a “market outperform” rating and set a $26.00 target price on shares of Penguin Solutions in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group boosted their target price on Penguin Solutions from $22.50 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $26.75.

Penguin Solutions Stock Up 1.1%

The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24. The stock has a market cap of $1.32 billion, a PE ratio of -89.91 and a beta of 1.98. The business has a fifty day moving average of $20.07 and a 200-day moving average of $19.18.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.17. The firm had revenue of $324,251 billion during the quarter, compared to analyst estimates of $330.82 million. Penguin Solutions had a positive return on equity of 13.27% and a negative net margin of 0.68%. Equities research analysts anticipate that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

Insiders Place Their Bets

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the company’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $25.42, for a total transaction of $52,009.32. Following the completion of the sale, the director owned 18,222 shares in the company, valued at $463,203.24. This represents a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Penguin Solutions

A number of hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue lifted its holdings in Penguin Solutions by 6.3% during the second quarter. State of Alaska Department of Revenue now owns 31,383 shares of the company’s stock worth $621,000 after buying an additional 1,855 shares during the period. North Star Investment Management Corp. purchased a new stake in Penguin Solutions during the second quarter worth $1,550,000. GAMMA Investing LLC purchased a new stake in Penguin Solutions during the second quarter worth $158,000. UMB Bank n.a. purchased a new stake in Penguin Solutions during the second quarter worth $44,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $3,259,000.

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.