Penguin Solutions (NASDAQ:PENG) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Penguin Solutions (NASDAQ:PENG) have been assigned a consensus rating of “Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $25.43.

Several research firms recently commented on PENG. Rosenblatt Securities restated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Thursday, December 19th. Barclays lifted their price objective on shares of Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, January 9th. Needham & Company LLC lifted their price objective on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, January 9th. Loop Capital initiated coverage on shares of Penguin Solutions in a research note on Tuesday, January 7th. They set a “buy” rating and a $30.00 price objective 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.

Penguin Solutions Stock Performance

NASDAQ PENG opened at $18.27 on Monday. Penguin Solutions has a one year low of $14.87 and a one year high of $22.67. The firm has a 50 day simple moving average of $20.13. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. The stock has a market capitalization of $973.63 million, a price-to-earnings ratio of -35.13 and a beta of 1.70.

Insider Transactions at Penguin Solutions

In other news, SVP Joseph Gates Clark sold 2,131 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the sale, the senior vice president now owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. This trade represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jack A. Pacheco sold 6,667 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $20.55, for a total transaction of $137,006.85. Following the sale, the chief operating officer now directly owns 231,548 shares of the company’s stock, valued at $4,758,311.40. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,131 shares of company stock valued at $462,557. 2.60% of the stock is currently owned by corporate insiders.

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.