JPMorgan Chase & Co. Begins Coverage on Penguin Solutions (NASDAQ:PENG)

Research analysts at JPMorgan Chase & Co. assumed coverage on shares of Penguin Solutions (NASDAQ:PENG) in a report issued on Monday,Benzinga reports. The firm set a “neutral” rating and a $20.00 price target on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 14.55% from the company’s current price.

Several other research analysts have also recently commented on PENG. Needham & Company LLC raised their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 9th. Loop Capital assumed coverage on shares of Penguin Solutions in a research note on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, December 19th. Finally, Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Penguin Solutions presently has a consensus rating of “Buy” and a consensus target price of $24.75.

Penguin Solutions Stock Down 4.3 %

Shares of NASDAQ PENG opened at $17.46 on Monday. The company’s fifty day moving average is $19.74. The stock has a market capitalization of $930.46 million, a P/E ratio of -33.58 and a beta of 1.70. Penguin Solutions has a 12 month low of $14.87 and a 12 month high of $22.67. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33.

Insider Buying and Selling at Penguin Solutions

In related news, COO Jack A. Pacheco sold 6,667 shares of the stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 231,548 shares in the company, valued at approximately $4,758,311.40. This trade represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Joseph Gates Clark sold 2,131 shares of Penguin Solutions stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total value of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. The trade was a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,684 shares of company stock valued at $393,617 in the last quarter. Company insiders own 2.60% of the company’s stock.

Penguin Solutions Company Profile

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.