Penguin Solutions (NASDAQ:PENG) Raised to Strong-Buy at Zacks Research

Penguin Solutions (NASDAQ:PENG) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings downgraded Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. Stifel Nicolaus upped their target price on Penguin Solutions from $24.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen raised shares of Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Barclays cut shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $23.00 to $27.00 in a report on Wednesday, April 22nd. 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 research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.88.

Penguin Solutions Trading Down 9.5%

NASDAQ PENG opened at $68.81 on Tuesday. The firm’s 50 day moving average price is $52.81 and its two-hundred day moving average price is $31.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10. Penguin Solutions has a twelve month low of $16.04 and a twelve month high of $77.40. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 95.57 and a beta of 2.82.

Penguin Solutions (NASDAQ:PENG) last issued its earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.43 by $0.09. The business had revenue of $343.00 million during the quarter, compared to analysts’ expectations of $339.00 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%. Equities analysts anticipate that Penguin Solutions will post 1.79 EPS for the current year.

Insider Transactions at Penguin Solutions

In other news, Director Sandeep Nayyar sold 7,107 shares of Penguin Solutions stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $43.48, for a total transaction of $309,012.36. Following the completion of the sale, the director directly owned 25,417 shares in the company, valued at $1,105,131.16. The trade was a 21.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the sale, the senior vice president directly owned 120,794 shares of the company’s stock, valued at approximately $7,776,717.72. The trade was a 3.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 83,120 shares of company stock valued at $3,486,734 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Penguin Solutions

Several large investors have recently added to or reduced their stakes in PENG. William Blair Investment Management LLC acquired a new stake in shares of Penguin Solutions in the 4th quarter valued at $18,290,000. Fisher Asset Management LLC acquired a new position in Penguin Solutions during the fourth quarter worth $716,000. State of Alaska Department of Revenue increased its position in Penguin Solutions by 98.3% during the fourth quarter. State of Alaska Department of Revenue now owns 47,576 shares of the company’s stock worth $930,000 after buying an additional 23,582 shares during the last quarter. Kennedy Capital Management LLC raised its holdings in Penguin Solutions by 31.9% during the third quarter. Kennedy Capital Management LLC now owns 992,168 shares of the company’s stock valued at $26,074,000 after buying an additional 240,159 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in Penguin Solutions by 980.0% during the fourth quarter. M&T Bank Corp now owns 109,567 shares of the company’s stock valued at $2,143,000 after buying an additional 99,422 shares in 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.