Penguin Solutions (NASDAQ:PENG) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Penguin Solutions (NASDAQ:PENG) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $27.00 price objective on the stock.

A number of other brokerages also recently issued reports on PENG. Needham & Company LLC boosted their price objective on shares of Penguin Solutions from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Penguin Solutions from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Wall Street Zen downgraded shares of Penguin Solutions from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 12th. The Goldman Sachs Group boosted their price objective on shares of Penguin Solutions from $22.50 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Finally, Loop Capital boosted their price objective on shares of Penguin Solutions from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, July 14th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Penguin Solutions presently has an average rating of “Buy” and an average target price of $27.13.

Penguin Solutions Price Performance

Shares of PENG opened at $24.14 on Monday. The firm has a market cap of $1.26 billion, a PE ratio of -86.21 and a beta of 2.02. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. The firm has a fifty day simple moving average of $22.17 and a two-hundred day simple moving average of $19.71. Penguin Solutions has a 1-year low of $14.20 and a 1-year high of $25.94.

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

Insider Buying and Selling at Penguin Solutions

In related news, Director Penny Herscher sold 2,046 shares of the company’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total value of $52,009.32. Following the completion of the transaction, the director owned 18,222 shares of the company’s stock, valued at approximately $463,203.24. This represents a 10.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jack A. Pacheco sold 63,447 shares of the company’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the completion of the transaction, the executive vice president directly owned 227,231 shares of the company’s stock, valued at $5,642,145.73. This represents a 21.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,175 shares of company stock valued at $1,644,448 in the last ninety days. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Lido Advisors LLC bought a new position in Penguin Solutions in the 2nd quarter worth $230,000. Hsbc Holdings PLC boosted its holdings in shares of Penguin Solutions by 18.4% during the 2nd quarter. Hsbc Holdings PLC now owns 224,100 shares of the company’s stock valued at $4,493,000 after purchasing an additional 34,856 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Penguin Solutions during the 2nd quarter valued at about $214,000. American Century Companies Inc. boosted its holdings in shares of Penguin Solutions by 19.5% during the 2nd quarter. American Century Companies Inc. now owns 956,715 shares of the company’s stock valued at $18,953,000 after purchasing an additional 156,361 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of Penguin Solutions by 12.2% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 122,754 shares of the company’s stock valued at $2,432,000 after purchasing an additional 13,381 shares during the last quarter.

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.