Rosenblatt Securities Issues Positive Forecast for Penguin Solutions (NASDAQ:PENG) Stock Price

Penguin Solutions (NASDAQ:PENG) had its target price lifted by investment analysts at Rosenblatt Securities from $65.00 to $75.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ price target points to a potential upside of 8.30% from the company’s previous close.

Several other research firms also recently issued reports on PENG. Wall Street Zen upgraded shares of Penguin Solutions from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. Weiss Ratings cut shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. Needham & Company LLC boosted their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Finally, Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Penguin Solutions has an average rating of “Moderate Buy” and a consensus target price of $38.12.

Penguin Solutions Stock Up 12.7%

NASDAQ:PENG traded up $7.78 during mid-day trading on Monday, hitting $69.25. 1,323,423 shares of the company’s stock traded hands, compared to its average volume of 2,115,053. The company has a fifty day moving average of $54.16 and a 200 day moving average of $32.03. 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 company has a market capitalization of $3.51 billion, a P/E ratio of 95.88 and a beta of 2.83.

Insider Buying and Selling at Penguin Solutions

In related news, Director Maximiliane C. Straub sold 8,000 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the sale, the director owned 58,975 shares in the company, valued at approximately $2,653,875. This trade represents a 11.94% 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, SVP Anne Kuykendall sold 4,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total transaction of $217,800.00. Following the completion of the transaction, the senior vice president owned 124,794 shares of the company’s stock, valued at approximately $6,795,033.30. This trade represents a 3.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 83,120 shares of company stock valued at $3,486,734. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

Large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its holdings in Penguin Solutions by 187.0% in the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after purchasing an additional 946 shares during the period. Kestra Advisory Services LLC purchased a new stake in Penguin Solutions in the 4th quarter worth $29,000. Raymond James Financial Inc. acquired a new position in Penguin Solutions during the second quarter worth $37,000. Allworth Financial LP lifted its holdings in Penguin Solutions by 41.4% during the third quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock valued at $47,000 after purchasing an additional 525 shares in the last quarter. Finally, Torren Management LLC acquired a new stake in shares of Penguin Solutions in the fourth quarter valued at about $48,000.

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.