Penguin Solutions (NASDAQ:PENG) Shares Gap Up on Analyst Upgrade

Penguin Solutions (NASDAQ:PENG) shares gapped up prior to trading on Friday after Barclays raised their price target on the stock from $22.00 to $23.00. The stock had previously closed at $19.13, but opened at $21.50. Barclays currently has an overweight rating on the stock. Penguin Solutions shares last traded at $20.80, with a volume of 632,646 shares traded.

PENG has been the topic of several other reports. Needham & Company LLC lifted their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. Stifel Nicolaus lowered their price target on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a report on Friday, November 1st. They issued a “buy” rating and a $21.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, December 19th. Finally, Citizens Jmp raised Penguin Solutions to a “strong-buy” rating in a report on Monday, November 18th. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Penguin Solutions has an average rating of “Buy” and an average target price of $25.43.

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, COO Jack A. Pacheco sold 6,666 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.00, for a total value of $133,320.00. Following the transaction, the chief operating officer now directly owns 235,960 shares of the company’s stock, valued at approximately $4,719,200. The trade was a 2.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the sale, the insider now owns 95,999 shares of the company’s stock, valued at $1,679,982.50. This trade represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,264 shares of company stock valued at $440,287 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Penguin Solutions Trading Up 9.4 %

The stock has a market capitalization of $1.12 billion, a P/E ratio of -20.92 and a beta of 1.69. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65. The firm has a 50 day moving average price of $18.57.

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

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.