Penguin Solutions (NASDAQ:PENG) Upgraded at Zacks Research

Penguin Solutions (NASDAQ:PENG) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a research note on Tuesday, January 13th. They set a “buy” rating and a $25.00 price target on the stock. Stifel Nicolaus decreased their price target on shares of Penguin Solutions from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. Wall Street Zen upgraded shares of Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Penguin Solutions in a research report on Monday, March 30th. Finally, Needham & Company LLC boosted their price objective on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.29.

Penguin Solutions Price Performance

Penguin Solutions stock opened at $22.12 on Tuesday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 30.72 and a beta of 2.23. The firm’s fifty day moving average is $18.86 and its 200 day moving average is $20.57. The company has a quick ratio of 1.86, a current ratio of 2.10 and a debt-to-equity ratio of 1.09. Penguin Solutions has a 52-week low of $14.42 and a 52-week high of $29.80.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $343.00 million for the quarter, compared to the consensus estimate of $339.00 million. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. Sell-side analysts forecast that Penguin Solutions will post 1.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $17.75, for a total transaction of $71,000.00. Following the transaction, the senior vice president owned 131,352 shares in the company, valued at $2,331,498. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Joseph Gates Clark sold 1,346 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $19.03, for a total transaction of $25,614.38. Following the transaction, the senior vice president owned 122,318 shares in the company, valued at $2,327,711.54. This trade represents a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its holdings in shares of Penguin Solutions by 8.0% in the fourth quarter. Hsbc Holdings PLC now owns 211,373 shares of the company’s stock worth $4,170,000 after purchasing an additional 15,567 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Penguin Solutions by 596.8% in the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock worth $38,972,000 after purchasing an additional 1,706,482 shares during the last quarter. Twinbeech Capital LP grew its holdings in shares of Penguin Solutions by 324.5% in the fourth quarter. Twinbeech Capital LP now owns 43,200 shares of the company’s stock worth $845,000 after purchasing an additional 33,023 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Penguin Solutions in the fourth quarter worth about $1,017,000. Finally, Ophir Asset Management Pty Ltd grew its holdings in shares of Penguin Solutions by 234.3% in the fourth quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock worth $23,699,000 after purchasing an additional 849,178 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.