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

Penguin Solutions (NASDAQ:PENG) had its price objective increased by Barclays from $22.00 to $23.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts also recently commented on PENG. Stifel Nicolaus reduced their target price on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Needham & Company LLC raised their price objective on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. The Goldman Sachs Group began coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They issued a “buy” rating and a $21.00 price target on the stock. Finally, JMP Securities initiated coverage on shares of Penguin Solutions in a research note on Monday, November 18th. They set an “outperform” rating and a $23.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $25.43.

Penguin Solutions Price Performance

Shares of PENG stock opened at $19.13 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19. The business has a fifty day moving average price of $18.49. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -19.13 and a beta of 1.69. Penguin Solutions has a 12 month low of $14.87 and a 12 month high of $29.81.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The company had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. On average, sell-side analysts anticipate that Penguin Solutions will post 1.33 EPS for the current year.

Insiders Place Their Bets

In related news, COO Jack A. Pacheco sold 13,334 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $20.05, for a total value 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 $4,730,998. This represents a 5.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total value of $39,620.00. Following the sale, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. The trade was a 2.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,264 shares of company stock worth $440,287. Insiders own 2.60% of the company’s stock.

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.